Data Leak Spurs Huge Offshore Tax Evasion Investigation

[Fugus]

"Tax authorities in the U.S., Britain, and Australia have announced they are working with a gigantic cache of leaked data that may be the beginnings of one of the largest tax investigations in history. The secret records are believed to include those obtained by the International Consortium of Investigative Journalists that lay bare the individuals behind covert companies and private trusts in the British Virgin Islands, the Cook Islands, Singapore and other offshore hideaways. The IRS said, 'There is nothing illegal about holding assets through offshore entities; however, such offshore arrangements are often used to avoid or evade tax liabilities on income represented by the principal or on the income generated by the underlying assets. In addition, advisors may be subject to civil penalties or criminal prosecution for promoting such arrangements as a means to avoid or evade tax liability or circumvent information reporting requirements.'"

http://yro.slashdot.org/story/13/05/...-investigation

I know it is a link to slashdot, where I got it from.

I am glad to see something done about it, just hoping they are investigating the data and not just who leaked it instead.

Kinda sad, I remember reading about the leak, then this and in all the time between, I have seen nothing from the local media about it, shows just how useless they are when it comes to keeping informed. Made sure to tell my family to keep an eye out of me since they watch it constantly and nothing about it ever popped up.

[Noomz]

The sad thing is, they won't ever get jail for it.

[Arlon]

The sad thing is, they won't ever get jail for it.

There will probably be a change in law before anyone goes to jail. If this will even go to a court(s).

[Fugus]

Considering this is a global investigation, I am betting some people will be nailed to the wall, but probably not many of the big players and in the US, nothing will get done.

It would take a massive public upheaval to get them to and with a media blackout on it in the US, most simply doesn't know about it.