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195 confess in German tax probe

The German investigation into Liechtenstein-based tax evasion is already
showing results. Prosecutors say 195 people have admitted guilt, according to
news agency
Bloomberg.

According to the
International Herald
Tribune
Hans-Ulrich Kruck said today that 91 people targeted in the
investigation ‘have admitted to the facts’ and made payments totalling €27.8
million (£21m).

The investigation is being carried out after the German government paid an
informant for details of wealthy German’s bank accounts in Liechtenstein. Other
countries are also pursuing tax evaders using Liechtenstein to conceal their
financial position.

Meanwhile, opinion is divided on whether the UK’s HMRC was right to
separately pay £100,000 for information on Britons’ bank accounts in the tax
haven.

Lib Dem shadow chancellor Vince Cable
backed the decision saying, ‘Paying informants is a tricky business, but it
would appear that the German Government has achieved value for taxpayers by
paying a relatively small sum of money. If this is the only way of stopping
large-scale tax avoidance and perhaps evasion by extremely rich people, then it
is worth it.’

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