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Global Financial Institution Caught Up in Cross-Border Tax Evasion Probe

By Valentina Pasquali

Officials from five nations disclosed a joint investigation Wednesday into a global financial institution suspected of helping clients evade taxes on undeclared income and assets. The case is one of more than 50 opened by the Joint Chiefs of Global Tax Enforcement, or J5, a partnership of the IRS, the U.K. Revenue & Customs Fraud Investigation Service, Canada Revenue Agency, Dutch Fiscal Intelligence and Investigation Service and Australia's Criminal Intelligence Commission and Taxation Office, since its launch in July of last year. "Intermediaries" of the financial institution are also under investigation, tax authorities said during a press conference held on...

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