Canada investigating 85 tax evaders linked to Panama

THE REVELATIONS of  the activities of Panama law firm Mossack Fonseca  continue to reverberate around the world with Canada the latest jurisdiction to investigate cases of alleged tax evasion.

Canada has 85 suspects under the spotlight as a result of the publications of the International Consortium of Investigative Journalists (ICIJ) into the Panama law firm.

According to information published by The Toronto Star, Canadian authorities reported that they have in their possession 2,600 computer files with details of companies created by Mossack Fonseca that have allowed them to investigate the 85 people for alleged tax evasion.

The newspaper says that the tax authority of Canada refused to say whether it paid for the documentation.

“So far there have been l60 formal audits launched into Canadians identified in the database.

There have been search warrants executed and criminal investigations have been initiated,” the newspaper said, quoting sources of the Canada Revenue Agency.

This country’s authorities estimate that each year the county loses $5 billion in revenue due to the use of offshore companies.

The governments of Great Britain, Germany and Denmark have confirmed that they bought data stolen from Mossack Fonseca from anonymous sources. The European Union  is also carrying out investigations.

Great Britain announced last week that it is investigating 30 individuals and companies for tax evasion after acquiring data retrieved from the law firm.