Hundreds of Australians caught up in global sting by tax agencies | swrighteconomy
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.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hundreds of Australians caught up in global sting by tax agencies'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.
Read more »
Brisbane man tested for coronavirus released from isolationThe travel advice for Wuhan City in China has been raised to level two following the spread of the Coronavirus outbreak across the world. 9News
Read more »
German supermarket giant pulls out of Aussie marketGerman supermarket giant Kaufland has pulled out of the Australian retail market, leaving hundreds of staff out of a job. 9News
Read more »
Live: Australian Open, day threeStrong winds have marred proceedings in Melbourne, with defending champion Naomi Osaka venting her frustration in 'unusual' fashion.
Read more »
Live: Australian Open, day fourThe tennis world was stunned by the 'dirty' conditions that suspended play at the Australian Open in a first for the sport. 📷: Shane McInnes More:
Read more »
Bushfires have already cost tourism sector $2 billion and rising: Australian Tourism Industry CouncilThe Australian Tourism Industry Council says the sector has lost $2 billion dollars as a result of the bushfires this summer already - and warns that that figure is expected to rise.
Read more »