'Tax cheats on notice': Hundreds of Australians who used a Central American bank over recent years face being caught up in an unprecedented international investigation over suspected tax evasion.
Hundreds of Australians who used a Central American bank over recent years face being caught up in an unprecedented international investigation over suspected tax evasion and efforts to hide taxable wealth.
Its first co-ordinated action focused on an unnamed Central America bank, which the agencies believe is being used for money-laundering and tax-evasion purposes. It followed information obtained by Dutch tax authorities.The J5 is looking at clients, some of whom are based in Australia, who are thought to have used the bank to conceal and transfer wealth secretly to avoid tax and hide the proceeds of organised crime. The alleged activity may have been going on for several years.
Criminal, civil and regulatory action against those involved is expected to be pursued in each of the J5 jurisdictions. The ATO has already started investigations into Australian-based clients of the Central American bank, suspected of failing to declare income. The Australian Criminal Intelligence Commission is also assisting with more clients being investigated.
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