Targeting tax crime: an international approach
It’s a small world after all following unprecedented cooperation between international tax authorities, ATO Deputy Commissioner of Serious Non-Compliance, Greg Williams, said that it’s now harder than ever to get away with hiding money offshore: “Given the likelihood of detection and the significant negative personal consequences of involvement, if I was thinking of going down this path, or advising someone else to do so, I’d be seriously reconsidering my actions right now.” The latest developments stem from announcements in May by the Australian, UK and US revenue agencies, when an extensive data-sharing operation was first made public. Building on existing intelligence efforts, the operation revealed the widespread use of complex offshore structures to conceal assets by wealthy individuals and companies. The spotlight was put on taxpayers and their intermediaries in a number of jurisdictions, including Singapore, the British Virgin Islands, Cayman Islands and Cook Islands. The data includes more than two million documents relating to thousands of people worldwide. Over a hundred Australians have already been identified involving tens of millions of dollars in suspected tax evasion through the use of trusts and ‘shell companies’ around the world. The ongoing international investigation, perhaps the largest of its kind in history, highlights significant advances in multilateral coordination, and has cemented global tax evasion as a key item on the international agenda.
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