Paradise Papers: Firms ‘Terrified’ by Data Leak

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An ‘offshore magic circle’ of law firms – including Jersey companies – are ‘terrified’ of the risk to their businesses following the Paradise Papers data leak, according to a Financial Times report.

But according to sources quoted by the FT, they are also poised to steal the business of law firm Appleby – the hacked company at centre of the leak – if its clients decide to move elsewhere.

It is claimed that more than six million documents belonging to offshore law firm Appleby, which has a large presence in Jersey, were obtained by the International Consortium of Investigative Journalists leading to a series of media reports last week.

Jersey’s alleged role in helping US tech giant Apple avoid tax on its offshore wealth and setting up trusts so UK stamp duty could be avoided on large property purchases, were reported.

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