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Topic: Tax fraud
Danish prosecutors have formally charged the suspected organizers of a billion-dollar tax fraud scheme, four weeks after the Cayman Islands Grand Court allowed local corporate service providers to offer foreign judicial assistance in a related US civil lawsuit.
One of the biggest tax fraud trials ever held in France may hinge on the contents of trusts in the Cayman Islands, the Bahamas and Guernsey.
The Bank of N.T. Butterfield & Son Ltd. has made provision for the payment of US$4.8 million, recorded during its financial year which ended Dec. 31, 2015, against the possibility that it could be required to make a settlement payment as the result of an ongoing U.S. federal investigation into tax evasion.
In their guilty plea in a U.S. court on Wednesday, Cayman National Trust and Cayman National Securities admitted to encouraging U.S. taxpayer clients to open accounts in the name of sham trusts and sham companies in the Cayman Islands to conceal their beneficial ownership of these accounts.
Cayman National Corp.’s affiliated trust and securities management businesses conspired with American taxpayers to hide US$137 million in assets managed by those companies from the U.S. Internal Revenue Service, according to a guilty plea to tax evasion conspiracy allegations recorded Wednesday in Manhattan.