Emma Watson. Photo courtesy of The Independent.
Summary: The Panama Papers revealed that actress Emma Watson had an offshore company.
Harry Potter star and outspoken feminist activist Emma Watson is the latest star implicated in the Panama Papers, The Telegraph reports. Watson used an offshore company called Falling Leaves to purchase a multi-million pound property.
Watson denied having the British Virgin Islands account in order to avoid taxes. She said the purpose of her account was to protect her anonymity and for her safety. As a celebrity, her life and actions are constantly under scrutiny.
The International Consortium of Investigative Journalists (ICIJ) published Watson’s information as well as that of celebrities such as Jackie Chan, Simon Cowell, and the late Stanley Kubrick. The data became available after hackers released millions of files from low-key international law firm, Mossack Fonseca, who appeared to specialize in creating off-shore businesses. This data breach is known as The Panama Papers because Mossack Fonseca’s main office was located in Panama.
Watson’s spokesperson told The Telegraph that creating an off-shore account was more private than opening one in the U.K. because the U.K. required company details to be published.
“UK companies are required to publicly publish details of their shareholders and therefore do not give her the necessary anonymity required to protect her personal safety, which has been jeopardized in the past owing to such information being publicly available,” said Watson’s spokesperson. “Offshore companies do not publish these shareholder details.”
Creating off-shore accounts is not illegal, but it does raise questions whether or not its creators use the accounts to evade taxes and hide wealth. The Panama Papers has shown numerous celebrities, politicians, and businesspeople have created these accounts and businesses. For instance, Stuff reports that Simon Cowell of American Idol is the sole shareholder of two Virgin Island companies, and Jackie Chan was listed as owning six.
Source: The Telegraph