As part of the Brazil’s crack down on tax evasion, police have arrested 19
people, including an employee of the Swiss bank
suspicion of tax evasion, illegal transfer of money overseas and money
laundering through Swiss banks, UBS and Credit Suisse, and US-based American
International Group, FT.com reports.
The arrests come three weeks following police raids on Sao Paulo and Rio de
Janeiro Cisco offices when 44
people were detained, including a former president of Cisco in Brazil and four
Cisco employees, for alleged involvement in a scheme to avoid duties on products
shipped from tax havens to Brazil, an involvement which Cisco has denied.
Brazilian police said the latest arrests included three bank employees – two
foreign and one Brazilian – six or seven black market currency traders and
‘wealthy Brazilian individuals’. According to police, the group had been
illegally transferring money overseas at a rate of $R7m (?2m) a month for at
least the past six months.
About 280 federal agents took part in the operation, carrying out 44 search
warrants in addition to the arrests. About $R6m in cash was seized, together
with between $US600,000 (?287,600) and $US700,000, also in cash.
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