Mexico's SAT Widens Tax Evasion Probe in Wake of Leaked Panama Papers Alexandra Alper - Reuters
go to original May 15, 2016

Oxfam Mexico Concerned About Those Named in Panama Papers Leak’ (EM TV Online)

Mexico is widening a probe into tax evasion by requiring banks to hand over names of local clients with transactions in tax havens, documents showed, weeks after the "Panama Papers" cast a spotlight on how the world's rich and famous stash their wealth.

In a letter this year, Mexico's tax authority SAT asked banking regulators to compel banks and brokerages to provide a list of clients who made transactions or investments in over 100 jurisdictions.

"To comply with its fiscal responsibilities over resident taxpayers with presumed financial assets in countries designated as 'tax havens', SAT ... requires information and documentation to plan and schedule tax examinations of those taxpayers," the letter reviewed by Reuters said.

Reuters was not able to verify the date that the letter was sent, but a source familiar with the matter said it was dated last month. SAT and Mexico's banking authority CNBV declined to comment.

Governments worldwide have begun cracking down on tax evasion since early April when reports based on an 11.5 million-document leak from Panamanian law firm Mossack Fonseca shed light on schemes used by the rich to skirt taxes.

Read the rest at Daily Mail

Related: Why Set Up a Shell Company in Panama? (Inter Press Service)

We invite you to add your charity or supporting organizations' news stories and coming events to PVAngels so we can share them with the world. Do it now!