Emma Watson admits to offshore company after exposure in Panama Papers

New York: A representative for "Harry Potter" actress Emma Watson said she had an offshore company for privacy reasons only.

The company, Falling Leaves Ltd., was named in the so-called Panama Papers, a series of leaked documents that revealed how some politicians and celebrities hide money. More files were made available online Monday by the International Consortium of Investigative Journalists.

Read: Australian PM Malcolm Turnbull named in Panama Papers

Watson created the company in the British Virgin Islands three years ago "for the sole purpose of protecting her anonymity and safety," the representative said.

"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."

The spokesman said Watson received no monetary advantages from the offshore company.

Having an offshore account or company is not illegal, but they can be potentially used to avoid taxes or conceal wrongdoing.