DQ is continuing to see an increased use of undercover agents by
the IRS and other tax authorities in offshore jurisdictions.
The indictment in September 2014 of a Belize corporate service
provider (CSP) and investment management company in the US is
evidence of this trend. In the case US v. Robert Bandfield, et
al. a number of US citizens together with the offshore CSP and
investment company were accused of conspiring with numerous US
citizens to violate securities and tax laws, including evading
reporting obligations under FATCA. According to US prosecutors, the
defendants engaged in a US$500 million offshore securities fraud,
tax avoidance and money laundering scheme. For further information
on the Bandfield case, please click here to read the case summary prepared by our
friends and colleagues in Latham &
Watkins' Washington DC office.
