Compliance

Canadian Tax Authorities Broaden Probe Of Liechtenstein Accounts

Tom Burroughes Group Editor London June 1, 2010

Canadian Tax Authorities Broaden Probe Of Liechtenstein Accounts

Canada’s federal tax auditors have broadened their investigation of citizens concealing money in Liechtenstein, the Globe & Mail reported, forcing three new financial institutions to identify people using the jurisdiction.

Tax collectors have obtained federal court orders requiring UBS Canada, BMO Nesbitt Burns and Financière Banque Nationale, a subsidiary of the National Bank of Canada, to hand over information on as many as 46 current and closed Liechtenstein accounts that the Canada Revenue Agency believes may be linked to Canadians, the publication said.

The court orders come almost two years after the CRA obtained similar court orders concerning Canada’s largest brokerage firm, RBC Dominion Securities.

All three firms said they were fully co-operating with the court orders. They said such orders are required for them to legally hand over the information, and should not imply they were resisting CRA’s efforts or being accused of wrongdoing.

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