Featured Tax Evasion

Tax evasion and avoidance: EU Paradise Papers probe highlights Isle of Man’s abusive regime

The European Commission has launched proceedings against the Isle of Man after its probe into the Paradise Papers uncovered widespread VAT evasion in the yacht and aviation industries in the bloc. The EU investigation was launched following the Paradise Papers exposé which showed – amongst other issues – that wealthy… Read More

French prosecutors call for 3.7 billion euro fine against UBS

French prosecutors argued in a Paris court on Thursday for Swiss bank UBS AG (UBSG.S) to be fined 3.7 billion euros (3.22 billion pounds) for helping wealthy French people evade taxes. After a seven-year investigation and aborted settlement negotiations, UBS faces accusations of laundering the proceeds of tax fraud and… Read More

UK vows crackdown on tax evasion, offshore scams, sets £2 billion target

Britain will seek to boost its efforts to combat tax evasion and avoidance at home and offshore by launching measures that could raise billions for the Treasury, Chancellor Philip Hammond said in his Budget speech. Over the years, HMRC has announced various plans to tackle tax evasion and avoidance, and… Read More
12th November 2018
The European Commission has launched proceedings against the Isle of Man after its probe into the Paradise Papers uncovered widespread VAT evasion in the yacht and aviation industries in the bloc. The EU investigation was launched following the Paradise Papers exposé which showed – amongst other issues – that wealthy… Read More
9th November 2018
French prosecutors argued in a Paris court on Thursday for Swiss bank UBS AG (UBSG.S) to be fined 3.7 billion euros (3.22 billion pounds) for helping wealthy French people evade taxes. After a seven-year investigation and aborted settlement negotiations, UBS faces accusations of laundering the proceeds of tax fraud and… Read More
8th November 2018
The United Kingdom has officially launched the National Economic Crime Centre (NECC) which will see government agencies and the private sector work together to combat economic crime such as money laundering and fraud. Based in London at the National Crime Agency’s headquarters, the NECC will house officers from HM Revenue… Read More
8th November 2018
AP — German prosecutors say they have searched the Munich offices of investment firm BlackRock, which said it was cooperating in a probe of a tax scheme known as “cum-ex” transactions that has drawn the attention of law enforcers. Prosecutors in Cologne said Wednesday they… Read More
6th November 2018
Denmark’s tax minister has asked the Danish Financial Supervisory Authority (FSA) to investigate whether Danske Bank, Nordea and SEB have handed over all relevant material in a $2 billion tax probe. The tax ministry says it needs more information from the banks in order to advance its investigation into the… Read More
30th October 2018
Britain will seek to boost its efforts to combat tax evasion and avoidance at home and offshore by launching measures that could raise billions for the Treasury, Chancellor Philip Hammond said in his Budget speech. Over the years, HMRC has announced various plans to tackle tax evasion and avoidance, and… Read More
24th October 2018
Nomura and several of its affiliates have agreed to pay a total of $480 million to settle charges of misleading investors over the sale of residential mortgage-backed securities (“RMBS”) between 2006 and 2007, an issue which resulted in investors suffering ‘significant’ losses and also highlighted the bank’s poor due diligence… Read More
9th October 2018
Swiss bank UBS Group and six of its executives faced trial in France on Monday over charges of money laundering and tax evasion. The charges, which were also brought against UBS’ French unit, originate from a report by employee Bradley Birkenfeld which detailed a scheme to help rich clients funnel… Read More
4th October 2018
Banks doing business in Estonia, which has been at the centre of a money-laundering scandal involving Danske Bank, handled more than $1 trillion (768.18 billion pounds) in cross-border flows between 2008 and 2017, according to the country’s central bank. The European Union member country of just 1.3 million people has… Read More
4th October 2018
AP — Chinese tax authorities have ordered “X-Men” star Fan Bingbing and companies she represents to pay taxes and penalties totaling $130 million, ending speculation over the fate of one of the country’s highest-profile entertainers three months after she disappeared from public view. Of the total… Read More
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EU states still divided over money laundering reform – sources

European Union states are still divided over an overhaul of rules for the supervision of banks against money laundering, two EU sources said on Wednesday. EU confidential documents show countries had agreed a preliminary common stance on the reform proposed by the European Commission in September which would give more… Read More

Former UBS trader jailed for Britain’s biggest fraud deported

Kweku Adoboli, a former UBS trader jailed for Britain’s biggest fraud over unauthorised trades that cost the Swiss bank $2.3 billion (1.7 billion pounds), has been deported to Ghana, his spokesman said. Adoboli was put on a commercial flight from Heathrow on Wednesday after being detained in Scotland earlier in… Read More