Paradise Papers: Barbados, Carlos Slim assert innocence

Minister defends Barbados' business reputation

Barbados' international business minister Donville Inniss defended the nation's reputation in the wake of the recent leak of 13.4mn financial documents, known as the Paradise Papers, detailing the offshore accounts of some of the world's wealthiest and most powerful individuals, many of whom hold assets on the island.

The minister decried Barbados' classification as one of 19 "secrecy jurisdictions" listed in the document leak. Barbados was one of 12 Caribbean jurisdictions on that list, along with Antigua and Barbuda, Aruba, the Bahamas, Bermuda, the Cayman Islands, Dominica, Grenada, St Kitts and Nevis, St Lucia, St Vincent and the Grenadines, and Trinidad and Tobago.

"Nothing really surprises me because there is a group of individuals and entities around the world that seem to exist solely to spread a lot of rumors and to cause a lot of confusion," Inniss told local daily Barbados Today in an interview. "I don't deny that there are jurisdictions that may facilitate tax evasion and some illicit activities, but Barbados, I must stress over and over again, is not that kind of domicile."

The official added that Barbados' banks were "well regulated and adhere to the highest possible standards."

Slim denies Bermuda venture illegal

Mexican mogul Carlos Slim also denied wrongdoing following the leak, issuing a statement defending his telecom empire América Móvil's 44.3% stake in Bermuda-based Telecom Americas, which was detailed in the Paradise Papers.

"The participation of América Móvil in Telecom Americas is and has been public and legal since its origin in the year 2000," reads the statement, describing the entity as a joint venture between Slim's fixed-line subsidiary Telmex, Bell Canada and SBC Communications to create a common vehicle for expansion in Latin America.

The statement added that América Móvil had reported all financial activity to the relevant Mexican authorities and continued to fulfill all legal obligations associated with the investment.