The Queen's private estate has been found to have millions of pounds invested in offshore tax havens, according to reports.
A vast tranche of leaked financial documents, dubbed the Paradise Papers, have been analysed by media organisations, including the BBC and The Guardian.
It is alleged that the Duchy of Lancaster, which handles the Queen's investments, has held funds in the Cayman Islands and Bermuda.
Around 10 million pounds (NZ$19 million) of the Queen's private cash is said to have been tied up in offshore portfolios, the BBC reports.
There is nothing to suggest that any investments are illegal, the broadcaster added.
Around 13.4 million files are said to have been involved in the leak, which comes one year after the disclosure of the Panama Papers sent shockwaves through the world of business.
Two offshore service providers are said to be the source of the material, along with the company registries of 19 tax havens.
First obtained by the German newspaper Suddeutsche Zeitung, the documents have reportedly been analysed by almost 100 media organisations.
The International Consortium of Investigative Journalists oversaw the project, it is claimed.