Law Enforcement tagged posts

Vatican Bank Launders Money and Aids Crime?

December 14, 2010 Taxation in Italy

RomeThe Vatican Bank has once again been embroiled in scandal with arising allegations of money laundering and connections to criminal activity.

On December 12th court documents came to light detailing new money-laundering allegations against the Institute for Religious Works (IRW), otherwise known as the Vatican Bank. Italian prosecutors are claiming that the bank has repeatedly and deliberately ignored EU rules against money laundering, and even aided the Italian Mafia.

The IRW was mired by money-laundering allegations as recently as September when a series of allegedly illicit transactions led authorities to seize nearly EUR 23 million of the bank’s assets and accounts...

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Mexico Clamping Down On Money Laundering

August 27, 2010 Taxation in Mexico

Felipe Calderon - World Economic Forum Annual Meeting Davos 2009Mexico could soon implement heavy restrictions on the use of cash for large purchases, in an effort to hinder the nation’s overwhelming levels of money laundering.

New laws have been proposed by Felipe Calderon, President of Mexico, to prohibit cash purchases of luxury goods valued in excess of MXN 100 000 (approx. USD 7 700) within the country. The measure is aimed at hampering the use of illicit funds and money laundering through untraceable cash purchases. While announcing the proposal Felipe Calderon explained the reasoning behind the law, saying that limiting the ability of drug traffickers and money smugglers to purchase “large-ticket” items will ruin their ability to easily launder funds. “This illicit money is vital for the criminal. That is what they seek, this money...

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Italy’s Biggest Tax Fraud Trial Date Set

August 13, 2010 Taxation in Italy

ChamberSilvio Scaglia, the thirteenths richest man in Italy, among 35 other high-profile individuals have been given a court date to defend themselves in the largest tax fraud case in Italian history, after months of legally dubious detention.

On November 2nd thirty six individuals will begin trial proceedings in front of the Italian courts, facing allegations of tax fraud, conspiracy to commit tax fraud, and money laundering. The state prosecutor is contesting that the illicit actions were carried out by or under the approval of the defendants through two Italian companies, Fastweb and Telecom Italia Sparkle, and amounted to an approximate EUR 2 billion of laundered funds and Value Added Tax (VAT) fraud, over the period of three years, through a series of fake transactions to conduit companies...

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Brazil Making Strides Against Financial Crimes

August 10, 2010 International Tax CooperationTaxation in Brazil

Quarta é dia de cantar o hino!The Federative Republic of Brazil has been praised for the steps it has taken to combat money laundering and terrorist financing, through a series of legal changes and legal infrastructure improvements.

The Financial Action Task Force (FATF), an inter-government body created to develop international anti-money laundering policies, has evaluated and approved the Brazilian Government’s implementation of the National Strategy Against Corruption and Money Laundering (ENCCLA). According to FATF’s report, released August 9th, the Government has developed coherent and sound strategy for anti-money laundering (AML) and combating the financing of terrorism (CFT).

With the implementation of the ENCCLA the Government is deemed to have greatly enhanced its ability to carry out appropriate prosecut...

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US DOJ Publishes Tax Prosecution Results

April 9, 2010 Offshore BankingOffshore TaxationTax HavensTaxation in USA

US Department of JusticeThe US Department of Justice (DOJ) has revealed its results and successes for the 2009 year in fighting tax fraud, scams and offshore tax evasion.

On March 7th the US DOJ issued a press release detailing the “highlights” of its tax enforcement efforts for the 2009 financial year. Throughout the year the DOJ successfully defended the Inland Revenue Service (IRS) from USD 665 million in tax refund claims; collected in excess of USD 260 million from affirmative litigation actions; obtained 135 guilty pleas and subsequent convictions in tax based crime trials; and participated in sentencing of 133 defendants of tax crimes...

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