Italian police break up 1.7 billion euro tax fraud ring; proceeds laundered in Luxembourg

Via wort.lu

“(AFP) Italy’s financial police on Tuesday said they had broken up a ring of companies they believe used false accounting to defraud the state out of 1.7 billion euros of tax with cash deposited in Luxembourg.

“The illegal activity has led, over the years, to damages to the state, whose total sum exceeds 1.7 billion euros” since 2001, the financial police said in a statement.

Police said two Rome businessmen, Pierino Tulli and Maurizio Ladaga, created a system using false invoices issued by intermediary subcontracting companies in areas such as security services and industrial cleaning to perpetrate the fraud.”

the full article is here. Luxembourg is ranked second on the Financial Secrecy Index.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s