200 Spaniards suspected of EUR 23-million tax fraud

23 April 2008

SPAIN – The Spanish Tax Agency (AEAT) announced Tuesday that it will investigate almost 200 Spaniards with bank accounts in Liechtenstein, who are suspected of not declaring a minimum of EUR 23.7 million to the authorities.

In March, an investigation by authorities in Germany initially exposed about 1000 individuals suspected of being responsible for more than EUR 4 billion in tax fraud in Liechtenstein.

Authorities in Spain, Australia, Canada, France, Italy, New Zealand, United States and other countries are jointly carrying out an investigation to determine the extent of undeclared money that has been deposited in the tax-haven principality.

The AEAT said that it had information on 80 bank accounts in Liechtenstein owned by 198 Spaniards.

Luis Pedroche, who leads the AEAT investigation, said that the discovery of these accounts in tax havens such as Liechtenstein confirms the need for the OECD to establish guidelines to create a more forthcoming system whereby investigating authorities and tax havens can exchange information on bank accounts.

Bank deposits by French and Italian nationals in Liechtenstein are believed to total  – EUR 400 million and EUR 1 billion, respectively.

The greatest amount of bank deposits in a year by Spaniards in the principality was in 1993, when they stood at EUR 7.04 million.

[El Pais / Expatica]