Combating tax evasion: NRW acquires data set on offshore tax havens
The State Office for Combating Financial Crime (LBF NRW) purchased a data carrier from a whistleblower containing information on clients of service companies with branches in the United Arab Emirates, the Cayman Islands, Hong Kong, Mauritius, Panama, Singapore and Cyprus.
According to the Ministry of Finance of the State of North Rhine-Westphalia (FinMin NRW), these service companies offer their clients the opportunity to set up offshore companies in low-tax jurisdictions. These companies are used specifically to, Hiding funds from the German tax authorities - be it for Tax evasion or to conceal assets obtained through criminal offences. Straw managers or shareholders are often used to conceal the true ownership structures from the tax authorities.
The LBF NRW now has more than one terabyte of data on the offshore companies and the beneficial owners behind them. This information relates not only to persons domiciled in Germany, but also in other countries. The LBF NRW has already examined the data and considers it to be extremely valuable in order to uncover large-scale tax evasion.
„The tax investigation department in North Rhine-Westphalia already has extensive experience in analysing data on offshore companies. In recent months, there have already been searches based on similar data packages,“ explains Finance Minister Dr Marcus Optendrenk. „We now have another data package that could provide valuable information on the methods used to shift assets to offshore tax havens. Our IT Competence Centre is currently processing this information and will make it available to the relevant authorities in other federal states and our international partners. In this way, we are working together in a targeted manner to stop tax evaders and create a tight network of controls through which no one can escape.“
The NRW Ministry of Finance has informed the federal government and the other federal states about the acquisition of the data. However, there is currently no concrete information on the amount of money invested in offshore companies.
Our Specialist lawyers for tax law and our Tax consultant are available for further information and the possibilities of a voluntary disclosure available: Please contact us without obligation Contact us on.
