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Guernsey chief minister: Paradise Papers were timed to help EU with Brexit

City A.M. Tuesday, 7 November 2017 ()
Guernsey chief minister: Paradise Papers were timed to help EU with BrexitGuernsey's top politician has said the release of the Paradise Papers has been designed to strengthen the EU's position in Brexit talks.

The complex tax arrangements of various public figures and institutions have been exposed this week with the leak of the so-called Paradise Papers, which detail the offshore investments of the Queen, Donald Trump's commerce secretary Wilbur Ross, and others.

*Read more*: Here's what Apple had to say about those Paradise Papers tax claims

Guernsey has not yet been mentioned in the papers, but the island's chief minister Gavin St Pier has attacked the leak, saying it is politically motivated.  

"The Council for EU Finance Ministers is meeting today in Brussels, they will all come out this afternoon and piously and earnestly say how important it is that the UK cleans up its act with the Overseas Territories and Crown Dependencies," he told the BBC.

"We are an integral part of the UK's financial services industry, and ecosystem, which is the strongest in the EU...This serves the EU's agenda particularly well in the Brexit negotiations."

Yesterday Labour leader Jeremy Corbyn was forced to clarify his comments on the Paradise Papers after appearing to suggest the Queen should apologise for her private estate investing in offshore funds.
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News video: Paradise Papers: Leaked documents reveal financial habits of the queen and Trump officials

Paradise Papers: Leaked documents reveal financial habits of the queen and Trump officials 01:12

Leaked documents known as the Paradise Papers show how some of the world's wealthy elite use tax havens to shelter their money. Among those included in the reports are Queen Elizabeth II, U2 singer Bono and U.S. Commerce Secretary Wilbur Ross. (Nov. 6, 2017)

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