Global raids reveal dodgy locals
The ATO is investigating hundreds of Australians with money in Central American banks after global money laundering raids.
Tax agencies from the United States, Britain, Canada, Australia and the Netherlands have targeted a financial institution that allegedly uses a sophisticated system to launder the proceeds of crime.
ATO assistant commissioner Brett Martin says the investigation has uncovered evidence relating to individuals in Australia.
“We have concerns that hundreds of Australians may have participated in these arrangements and we have enough information to proceed with a small number of those at the moment,” Mr Martin has told the ABC.
“Our focus is on looking at the enablers of these arrangements focused on the financial institution in Central America in relation to suspected tax evasion and money laundering.”
The authorities have refused to name the financial institution and will not specify its location in Central America.
“We're holding the line on that one at this point,” Mr Martin said.
“But we are expecting civil, criminal and regulatory responses to be offered in this matter across a variety of jurisdictions.”