Brazil Police Raid AIG and UBS for Alleged Tax Fraud

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Tuesday, January 1, 2008
Author: 
Bruce Zagaris
Volume: 
24
Issue: 
1
18
Abstract: 
On November 6, 2007, the Brazilian Police arrested 30 persons, including black exchange control operators, business executives, and officials of three foreign banks. The law enforcement operation, entitled Kaspar II, is a continuation of two prior actions to combat rampant tax evasion, called Swiss, in early 2006, and Kaspar I, which occurred in April of this year. The three operations have dealt with tax fraud perpetrators of approximately R $1 billion. The charges were for fraud, evasion of profits, money laundering, fiscal fraud, formation of organized crime, and operating as a financial institution without Central Bank authorization. The maximum penalties are 40 years in prison...[more]