The Australian Taxation Office’s (ATO’s) Project Wickenby, set up to detect, deter and deal with tax haven arrangements, has so far raised $207 million in liabilities, collected more than $79 million and restrained over $75 million from the proceeds of criminal activity.
According to the ATO, as part of Project Wickenby, 28 people have been charged and 23 criminal investigations are underway, with several defendants indicating that they intend to plead guilty to charges.
So far, three people have been convicted and two more are to face sentencing in the next few weeks, with the expectation of further prosecutions as Wickenby’s investigations continue.
The ATO said the agencies involved in Wickenby work closely together to harness diverse expertise, skills and knowledge in a collaborative environment, and this has ensured quality investigations that are able to withstand rigorous external legal challenges.
In April 2008, search warrants were executed in Australia, Vanuatu and New Zealand aimed at addressing tax evasion and money laundering linked to Vanuatu.
The ATO is now conducting 80 audits linked to Vanuatu relating to $90 million in allegedly false deductions.
It has written to 240 Australians with apparent links to Vanuatu seeking more information on their tax affairs.
Meanwhile, there are 20 audit cases underway relating to funds in Liechtenstein ranging from $200,000 to millions of dollars.
The ATO said it expects to raise liabilities of approximately $60 million from the Liechtenstein cases by the end of the year.
