The Daily Caveat is written by Michael Thomas, a recovering corporate investigator in the Washington, DC-area. [More]
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12/07/2008
Liechtenstein to Loosen Up on Bank Secrecy (Sort Of)
Liechtenstein and Germany Get Downright Catty Over Tax Evasion Scandal
First of Many German Tax Evasion Trials Ends With Suspended Sentence, Major Fine
Liechtenstein Announces International Arrest Warrant for Heinrich Kieber, Releases Photo.
Did Heinrich Kieber Act Alone? FT Reports Authorities Seeking Accomplices
2/27/2008
Heinrich Kieber Shopped Stolen Records to the UK in 2006
Hold the Phone! FT Calls Identity of German Tax Tipster into Doubt!
Liechtenstein Informant Named (For Real, This Time)
Liechtenstein Bank Informer I.D.ed in German Probe
Woes of German Business Elite Continue, Government Comes Calling on Tax Evasion
Liechtenstein to Loosen Up on Bank Secrecy (Sort Of)
Following the Heinrich Kieber-induced international tax evasion scandal that lead international regulators to its door, Liechtenstein, the famous European tax haven is apparently planning on softening its bank secrecy laws.
As per a new agreement, set to be signed next week with American regulators, Liechtenstein will begin turning over banking records for individuals currently under investigation or currently being prosecuted for tax evasion in the U.S.
The key bit there is the part about being currently under investigation.
Beyond that narrow window, Liechtenstein is keeping the shades drawn tight, leading some to suggest that the nation's newly touted cooperation is little more than an attempt to change the subject.
-- MDT
9/14/2008
As per a new agreement, set to be signed next week with American regulators, Liechtenstein will begin turning over banking records for individuals currently under investigation or currently being prosecuted for tax evasion in the U.S.
The key bit there is the part about being currently under investigation.
Beyond that narrow window, Liechtenstein is keeping the shades drawn tight, leading some to suggest that the nation's newly touted cooperation is little more than an attempt to change the subject.
-- MDT
Labels: Heinrich Kieber, Liechtenstein, tax evasion
Liechtenstein and Germany Get Downright Catty Over Tax Evasion Scandal
Really Prince Hans...
Referencing a "Fourth Reich" is just in really bad taste.
-- MDT
7/21/2008
Referencing a "Fourth Reich" is just in really bad taste.
-- MDT
Labels: Germany, Heinrich Kieber, Liechtenstein, tax evasion
First of Many German Tax Evasion Trials Ends With Suspended Sentence, Major Fine
A 66 year old retired real estate agent named only as Elmar S. was convicted in a one day trial of hiding millions of euros over five years via two Liechtenstein foundations.
To settle his tax tab Elmar was order by a Bochum court to pay a € 7.5 million fine, with € 1 million of that going to charity.
For the record, this is roughly the same amount that informant Heinrich Kieber was paid by the German government for the stolen customer records he purloined from former employer, LGT Bank.
That's one case down, hundreds more are expected. Germany has announced that 210 citizens are under investigation, conducted at least as many raids, brought cases against 350 and said that it is mulling over 400 more.
Already the announcement of the enforcement action has brought in € 110 million from tax delinquents.
You can argue with the tactics, but you can't argue with success.
-- MDT
3/13/2008
To settle his tax tab Elmar was order by a Bochum court to pay a € 7.5 million fine, with € 1 million of that going to charity.
For the record, this is roughly the same amount that informant Heinrich Kieber was paid by the German government for the stolen customer records he purloined from former employer, LGT Bank.
That's one case down, hundreds more are expected. Germany has announced that 210 citizens are under investigation, conducted at least as many raids, brought cases against 350 and said that it is mulling over 400 more.
Already the announcement of the enforcement action has brought in € 110 million from tax delinquents.
You can argue with the tactics, but you can't argue with success.
-- MDT
Labels: Elmar S, Heinrich Kieber, LGT, Liechtenstein, tax evasion
Liechtenstein Announces International Arrest Warrant for Heinrich Kieber, Releases Photo.
This apparent photo of international tax informant (and widely wanted man), Heinrich Kieber, had been floating around for some time.
But this week, along with an arrest warrant, authorities in Liechtenstein released this photo:
Obviously this is meant to raise the heat on Kieber, wherever he may be hiding. Some reports have suggested that Kieber has had plastic surgery, but that may just be bunk. In any case - RUN HEINRICH RUN!
-- MDT
3/02/2008
But this week, along with an arrest warrant, authorities in Liechtenstein released this photo:
Obviously this is meant to raise the heat on Kieber, wherever he may be hiding. Some reports have suggested that Kieber has had plastic surgery, but that may just be bunk. In any case - RUN HEINRICH RUN!
-- MDT
Labels: BND, Heinrich Kieber, informer, Liechtenstein, tax evasion
Did Heinrich Kieber Act Alone? FT Reports Authorities Seeking Accomplices
I was inclined to let it slide the first time the FT mentioned that authorities in Liechtenstein are pursing potential accomplices of known informant, Heinrich "Henry" Kieber, but now they've gone and mentioned that word accomplices for a second time.
That gets my radar up...
-- MDT
That gets my radar up...
-- MDT
Labels: Germany, Heinrich Kieber, LGT, Liechtenstein, tax evasion
1 Comments.
Well said.
Heinrich Kieber might have acted alone, but he needed his bystanders.
Meanwhile there is an international search warrant for Heinrich Kieber. For more info, click here.
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Heinrich Kieber might have acted alone, but he needed his bystanders.
Meanwhile there is an international search warrant for Heinrich Kieber. For more info, click here.
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Heinrich Kieber Shopped Stolen Records to the UK in 2006
The FT is reporting the Heinrich Kieber, the noted informant in Germany's current tax evasion crackdown first shopped is stolen collection of LGT bank records to UK tax authorities - potentially as far back as 2005.
Kieber was apparently turned down back in 2006 by HMRC. It seems they, at the time, were not interested in paying a so-called whisteblower (although German authorities give the impression it simply took the Brits too long to make a deal and Kieber simply began shopping for another buyer).
A lot has changed in a few years, it seems. After Germany lead the way British authorities apparently had no qualms about further lining Kieber's pockets - no matter that his information was illegally obtained.
The British treasure stand to collect as much as 100 million pounds in back taxes due to the information provided by Kieber.
2/24/2008
Kieber was apparently turned down back in 2006 by HMRC. It seems they, at the time, were not interested in paying a so-called whisteblower (although German authorities give the impression it simply took the Brits too long to make a deal and Kieber simply began shopping for another buyer).
A lot has changed in a few years, it seems. After Germany lead the way British authorities apparently had no qualms about further lining Kieber's pockets - no matter that his information was illegally obtained.
The British treasure stand to collect as much as 100 million pounds in back taxes due to the information provided by Kieber.
Labels: Germany, Heinrich Kieber, HRMC, Liechtenstein, tax evasion
Hold the Phone! FT Calls Identity of German Tax Tipster into Doubt!
Liechtenstein Informant Named (For Real, This Time)
Heinrich Kieber - COME ON DOWN!
And it looks like many weathly U.S. citizens may be joining their German counterparts on the hook for hiding funds from the taxman in Liechtenstein's banks.
According to the WSJ, the Internal Revenue Service is in possession of the same banking records obtained by German authorities.
Also investigative their on citizenry are the United Kingdom, Australia, France and Canada.
-- MDT
2/20/2008
And it looks like many weathly U.S. citizens may be joining their German counterparts on the hook for hiding funds from the taxman in Liechtenstein's banks.
According to the WSJ, the Internal Revenue Service is in possession of the same banking records obtained by German authorities.
Also investigative their on citizenry are the United Kingdom, Australia, France and Canada.
-- MDT
Labels: Germany, Heinrich Kieber, Liechtenstein, tax evasion, tax havens
Liechtenstein Bank Informer I.D.ed in German Probe
Well, mostly identified:
- 42 year old man.
- worked at LGT between April and November 2001.
- convicted in 2004 for fraud, attempted blackmail and withholding evidence.
All this comes from German state prosecutor Robert Wallner, who has pointedly not released a name. But come on - how long could this list be?
Get to work INTERNET - I want an answer by noon EST.
-- MDT
2/18/2008
- 42 year old man.
- worked at LGT between April and November 2001.
- convicted in 2004 for fraud, attempted blackmail and withholding evidence.
All this comes from German state prosecutor Robert Wallner, who has pointedly not released a name. But come on - how long could this list be?
Get to work INTERNET - I want an answer by noon EST.
-- MDT
Labels: Germany, informer, Liechtenstein, tax evasion
Woes of German Business Elite Continue, Government Comes Calling on Tax Evasion
Hundreds are under suspicion of tax evasion and German officials have raided corporate offices across the country in recent days. We're seeing what apparently amounts to an ethical shift in a country where tax evasion has been seen as a sort of sport. The biggest target the tax probe to date has been Klaus Zumwinkel, chief executive of Deutsche Post. One thing is virtually certain. As German regulators cast their eyes across the border at the Liechtenstein banks where the wealthy and powerful have parked their illicit funds, more prominent names will soon be added to the list - as many as 900 of them.
-- MDT
-- MDT
Labels: Germany, Klaus Zumwinkel, Liechtenstein, tax evasion
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