In 2016, it was reported that his estates receive £100,000 a year in European Union agricultural subsidies. Starting in 1993, the Prince of Wales has paid tax voluntarily under the Memorandum of Understanding on Royal Taxation, updated 2013. In December 2012, Her Majesty's Revenue and Customs were asked to investigate alleged tax avoidance by the Duchy of Cornwall. The Duchy of Cornwall is named in the Paradise Papers, a set of confidential electronic documents relating to offshore investment that were leaked to the German newspaper "Süddeutsche Zeitung". The papers show that the Duchy invested in a Bermuda-based carbon credits trading company run by one of Charles's Cambridge contemporaries. The investment was kept secret but there is no suggestion that Charles or the estate avoided UK tax.