The Queen has been accused of having her personal fortune invested in an offshore tax haven as an explosive leak of financial documents laid bare the financial affairs of the global elite.
A disclosure of 13.4 million documents, dubbed the Paradise Papers, reportedly tie major companies and political figures to secretive overseas arrangements.
Among those said to be named in the tranche of material is US president Donald Trump's commerce secretary, Wilbur Ross, who is reportedly linked to a Russian firm.
The Duchy of Lancaster, the private estate of the Queen, was found to have millions of pounds invested in offshore arrangements.
Around GBP10 million ($A20 million) from the Queen's private fund was paid into funds in the Cayman Islands and Bermuda between 2004 and 2005, according to reports.
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A small part of the cash was traced to a lender which has previously been criticised for ripping off poor customers.
The Queen voluntarily pays tax on any income she receives from the Duchy.
A spokesman for the estate said: "We operate a number of investments and a few of these are with overseas funds.
"All of our investments are fully audited and legitimate."
First obtained by the German newspaper Suddeutsche Zeitung, the documents stem from two offshore service providers and company registries from 19 tax havens, The Guardian reports.
The International Consortium of Investigative Journalists oversaw the project, it is claimed.
