Sunday, 8th November 2009

 

3 March 2008 - David Bain

Spain probes suspects in Liechtenstein tax-evasion scandal

The German government is understood to have handed over the names of Spaniards who had taken part in the fraud.

Spanish authorities are investigating about 100 people suspected to be involved in the growing Liechtenstein tax-evasion scandal, according to a Dow Jones report.

Quoting investigators, the El Pais newspaper said the names of Spaniards who had taken part in the fraud had been handed over by the German government. People in Spain who illegally avoid paying tax of more than €120,000 ($182,570) could face prosecution. El Pais said there were 160 people from Germany, 200 from France and 150 from Italy on the list. No names were given, however.

Earlier, Spanish authorities had confirmed that they were studying information on the tax fraud without giving any details.

Meanwhile, Liechtenstein, facing a storm of international criticism over its tax haven rules, has pledged to reform its banking system. Prime Minister Otmar Hasler told Swiss newspaper Neue Zuercher Zeitung that "the reform process has already begun and I support it being continued."

Most Read

  1. Barclays Wealth team leaves for Standard Chartered
  2. Lloyds wealth team quits after bonus worries
  3. UBS wealth unit takes £33m hit on rogue trades
  4. Morgan Stanley poaches six-member private wealth team from UBS
  5. Citigroup plans 75 layoffs at wealth management division

Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

Rich Monitor

Sotheby's 3Q loss widens

Sotheby's third-quarter loss widened as the art auction house posted a worst-than-expected decline in revenue and a tax expense.

More from Tax, trust and legal

  1. In Tax Case, 4 Days Save Robertson $27 Million
  2. Tax amnesty proves a hit among Italians
  3. UK tax authorities cast net wider for offshore money
  4. End of the tax haven vacation
  5. Private banks positive on global recovery

Related Content

  1. Austria and Luxembourg block tax haven clampdown

2nd Floor, Stapleton House, 29-33 Scrutton Street, London, EC2A 4HU

Tel: +44 (0) 20 7309 7788

Company No 3089347