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Several Tax Agencies Collaborating In Swiss Banking Sting

by Ulrika Lomas, Tax-News.com, Brussels

03 April 2017


The Australian Government has said it will probe the tax affairs of 340 Australian with links to Swiss banking relationship managers.

The Government said the relationship managers are alleged to have actively promoted and facilitated tax evasion schemes. They were identified by the Serious Financial Crime Taskforce (SFCT) through a joint international investigation, it said.

The Government said that the SFCT will interview bank employees, taxpayers, and lawyers as part of an investigation into whether the Australians identified in the data have failed to comply with their tax obligations or have been involved in criminal activity.

According to the Government, of the 346 Australians identified, 23 have already come forward under the Australian Taxation Office's (ATO's) Project DO IT amnesty or have previously been subject to ATO compliance action.

The SFCT is collaborating with a number of international authorities, including in the Netherlands, the UK, Germany, and France, which executed a number of search warrants and arrests on March 30.

Revenue Minister Kelly O'Dwyer commented: "As revenue authorities continue to gather and share intelligence in the coming weeks, they expect to move quickly to pinpoint those people who've deliberately promoted or willingly participated in these schemes."

"The SFCT is equipped with the resources, data-matching capability and the international and domestic intelligence-sharing relationships to uncover even the most intricately-planned tax evasion schemes," she added.

TAGS: compliance | tax | tax compliance | Netherlands | law | banking | employees | Australia | United Kingdom | France | Germany | Tax | Tax Evasion

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