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Turin Magistrate Starts Italy's Panama Investigation

by Ulrika Lomas, Tax-News.com, Brussels

11 April 2016


In an investigation being led by magistrates in Turin, the Guardia di Finanza (the Italian financial police) have begun an investigation of Italians that may be linked to the offshore bank accounts referred to in the so-called "Panama papers."

The Guardia has been authorized to begin the procedures necessary to obtain the data and information contained in the leaked papers. There are reported to be the names of around 800 Italians within them.

The new action is being linked with an existing investigation, which the Turin magistrates began last year, and is already looking into charges of the illegal export of capital by an Italian resident using the services of Panamanian law firm Mossack Fonseca.

The Turin magistrates are also currently examining the information passed by Hervé Falciani to the French tax authorities in 2008, which includes the details of accounts held by Italians in Switzerland. The Italian Supreme Court finally agreed last year that the account details could be used to further tax compliance efforts. It is now expected that the Falciani and Mossack Fonseca cases will be examined together, and could converge in certain cases.

TAGS: money-laundering | compliance | tax | business | tax compliance | law | banking | offshore | offshore banking | Italy | Panama | services

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