Naughty naughty... Michelin, Adidas and French oil company, Total are suspected of making use of Liechtenstein's noted tax haven status. French authorities are expected to commence a probe into these matters in the coming weeks, spinning out of their ongoing investigation into 60 other some-odd firms.

All three firms have previously denied having accounts with LGT, the Liechtenstein-based bank that has faced intense scrutiny since former employee, Heinrich Keiber turned whistleblower and spread the bank's business across law enforcement agencies of most of the world's developed countries.

More on the pending investigation right here.

And check out this piece from The Guardian on the changing regulatory scene in Liechtenstein.

-- MDT

Labels: Adidas, Heinrich Kieber, Michelin, money laundering, tax evasion, Total

Following the Heinrich Kieber-induced international tax evasion scandal that lead international regulators to its door, Liechtenstein, the famous European tax haven is apparently planning on softening its bank secrecy laws.

As per a new agreement, set to be signed next week with American regulators, Liechtenstein will begin turning over banking records for individuals currently under investigation or currently being prosecuted for tax evasion in the U.S.

The key bit there is the part about being currently under investigation.

Beyond that narrow window, Liechtenstein is keeping the shades drawn tight, leading some to suggest that the nation's newly touted cooperation is little more than an attempt to change the subject.

-- MDT

Labels: Heinrich Kieber, Liechtenstein, tax evasion

Really Prince Hans...

Referencing a "Fourth Reich" is just in really bad taste.

-- MDT

Labels: Germany, Heinrich Kieber, Liechtenstein, tax evasion

Kieber's list continues to reverberate...of course it happens to be Kieber's attorney who is banging the drum in this case.

-- MDT

Labels: Canada, Heinrich Kieber, tax evasion

Good luck finding him...

-- MDT

Labels: Heinrich Kieber, Michael Miskin, tax evasion

I was going to do it, but how could I do a more entertaining job than, say, The Nation?

-- MDT

Labels: hearing, Heinrich Kieber, LGT, tax evasion, UBS

A 66 year old retired real estate agent named only as Elmar S. was convicted in a one day trial of hiding millions of euros over five years via two Liechtenstein foundations.

To settle his tax tab Elmar was order by a Bochum court to pay a € 7.5 million fine, with € 1 million of that going to charity.

For the record, this is roughly the same amount that informant Heinrich Kieber was paid by the German government for the stolen customer records he purloined from former employer, LGT Bank.

That's one case down, hundreds more are expected. Germany has announced that 210 citizens are under investigation, conducted at least as many raids, brought cases against 350 and said that it is mulling over 400 more.

Already the announcement of the enforcement action has brought in € 110 million from tax delinquents.

You can argue with the tactics, but you can't argue with success.

-- MDT

Labels: Elmar S, Heinrich Kieber, LGT, Liechtenstein, tax evasion

In anticipation of a hearing scheduled for this morning, the Senate Permanent Subcommittee on Investigations has released a lengthy report detailing the results of their six month investigation into the practices of LGT bank of Liechtenstein and Switzerland's UBS.

Much of the impetus for this of course stems from one Mr. Heinrich Keiber and his famously stolen list of clients of Liechtenstein bank, LGT. Kieber is currently in hiding - a sound policy when you've royally pissed off an entire black book's worth of the world's wealthiest people.

Authorities were also aided by former UBS banker Bradley Birkenfeld who recently plead guilty to aiding clients at UBS in evading taxes. Birkenfeld hipped authorities to billions in undeclared accounts of U.S. clients that were being discreetly held by UBS.

Mario Staggl, another UBS banker implicated in the tax evasion scheme, is currently a fugitive - wanted for failing to appear in U.S. federal court to answer charges that he aided clients in hiding some $200 million from the tax man. And yet Staggl, for a fugitive from justice, is living quite the normal life in Liechtenstein.

I haven't yet had a chance to review the Senate sub-committee report, which is not available online as of this writing. According to media reports, here are a few of the faces you can expect to see and names you can expect to see mentioned:

Frank Lowy - The Westfield Group's billionaire shopping mall magnate. Make it a family affair - Frank Lowy and sons Peter, David and Stephen are all under investigation. Peter Lowy is expected to appear at the hearing.

Harvey Greenfield - Toy industry executive of Commonwealth Toy and Novelty. Both Greenfield and son Steven are under investigation. Greenfield is expected to appear at the hearing.

James Albright Marsh - A Florida contractor, now deceased. One of Marsh's two sons, Shannon Marsh is on the witness list for the subcommittee hearing but is not expected to appear.

Richard M. Chong, a venture capitalist and (I believe) a Partner a Sycamore Ventures.

William Wu - a "wealthy Chinese businessman based in Queens, New York." Wu is also scheduled to testify at the hearing.

Igor Olenicoff, the California real estate tycoon. Olenicoff has already plead guilty to tax evasion charges and agreed to pay $52 million to the IRS.

In the most rousing bit of theater, Heinrich Kieber - the elusive informant that sold off LGT's private banking client list - is expected to appear via video to testify (scratch that - it has been reported as a pre-taped statement). That should still be worth tuning in for - no doubt.

Other notable names on the witness list are Martin Liechti and head of UBS Wealth Management Americas; and Mark Branson, chief financial officer of UBS Global Wealth Management and Business Banking. You may recall that Liechti was previously detained by U.S. authorities.

You can view the full witness list for the hearing online.

-- MDT

Labels: Bradley Birkenfeld, Heinrich Kieber, LGT, Mario Staggl, tax evasion, UBS

Apparently Kieber will comment via video feed from his secret lair in order to appear before the Senate's Permanent Subcommittee on Investigations this Thursday. Meanwhile many weathly tax evaders are suddenly feeling that confession may be good for the soul.
--MDT

Labels: Heinrich Kieber, tax evasion

That's seven million reasons for Heinrich Keiber to keep his head down.

View the details of the Keiber bounty here. Who is behind the website remains a bit of a mystery.

--MDT

Labels: Heinrich Kieber

This apparent photo of international tax informant (and widely wanted man), Heinrich Kieber, had been floating around for some time.


But this week, along with an arrest warrant, authorities in Liechtenstein released this photo:


Obviously this is meant to raise the heat on Kieber, wherever he may be hiding. Some reports have suggested that Kieber has had plastic surgery, but that may just be bunk. In any case - RUN HEINRICH RUN!

-- MDT

Labels: BND, Heinrich Kieber, informer, Liechtenstein, tax evasion

You can either take this with a grain of salt, or ponder the lengths you'd go to to avoid detection after cheesing off about 1,000 of the world's wealthiest tax evaders, with the Russian mafia reportedly among them.

Hmmm....

Suddenly going under the knife doesn't seem so bad. Beats one in the back.

-- MDT

Labels: Heinrich Kieber, tax evasion

Apparently Heinrich Kieber, currently the world's most famouse police informant, has been keeping up a pen-pal relationship with his benefactors at the German BND. Their last letter from Kieber was received right about he time his information set loose a series of raids on tax evaders in Germany. His tone? Worried, according to Spiegel.

And more, from France24.com:

"You are putting my life in danger," Heinrich Kieber wrote to German intelligence services, according to German weekly Focus in an article released Saturday in advance of publication. The informant has blamed the intelligence services for not keeping his identity secret and asked them to provide him with a new identity so that he can relocate to South America. His request has been refused, Focus reported.

As far as we know, Kieber is in hiding and still among the living, with Australia being his most likely port of call. How long he stays that way remains to be seen. Amongst those who Kieber outed to the German government for tax evasion, are those who don't find such things amusing and might be prone to retaliation.

The Russian mob is one group that has been mentioned along with the odd royal family or petty dictator - any of whom could decide to make it difficult for Kieber to enjoy his new found wealth.

-- MDT

Labels: BND, Heinrich Kieber, LGT, tax evasion

Meet whistleblower, Rudolf Elmer of Switzerland's Julius Baer bank. Unlike the now well known Heinrich Kieber, Elmer's not in it for the money - he just wants revenge against his former employer. Want to check out Elmer's info? Try Wikileaks. The embattled document sharing site is back online with a bank. While you're there, pay special attention to Elmer's reference to the private investigators purportedly on his tail.

-- MDT

Labels: Heinrich Kieber, Julius Baer, Rudolph Elmer, tax evasion, Wikileaks

I was inclined to let it slide the first time the FT mentioned that authorities in Liechtenstein are pursing potential accomplices of known informant, Heinrich "Henry" Kieber, but now they've gone and mentioned that word accomplices for a second time.

That gets my radar up...

-- MDT

Labels: Germany, Heinrich Kieber, LGT, Liechtenstein, tax evasion

The FT is reporting the Heinrich Kieber, the noted informant in Germany's current tax evasion crackdown first shopped is stolen collection of LGT bank records to UK tax authorities - potentially as far back as 2005.

Kieber was apparently turned down back in 2006 by HMRC. It seems they, at the time, were not interested in paying a so-called whisteblower (although German authorities give the impression it simply took the Brits too long to make a deal and Kieber simply began shopping for another buyer).

A lot has changed in a few years, it seems. After Germany lead the way British authorities apparently had no qualms about further lining Kieber's pockets - no matter that his information was illegally obtained.

The British treasure stand to collect as much as 100 million pounds in back taxes due to the information provided by Kieber.

Labels: Germany, Heinrich Kieber, HRMC, Liechtenstein, tax evasion

Although the FT seemed to cast some doubt that Henirich Kieber - codenamed Henry - was indeed the informant behind Germany's recent series of tax evasion busts, the consensus seems to be that Heinrich is in fact, the man. Now, how a convicted real estate fraudster (in Spain) ended up working for super-secret Liechtenstein bank, LGT, I'll never understand. Isn't that what Interpol is for?

But I digress...

The German secret service reportedly spent millions of Euros to purchase four DVDs worth of LGT banking records from Kieber. The files revealed all manner of funds scurried away in Liechtenstein's secretive banks not just by 600 German citizens, but also 800 more from Great Britain, Canada, France, Spain, Italy, Denmark, Finland, Sweden, the U.S. and Australia.

Many of these countries have begun their own investigations. Although use of the Kieber list has proved to be highly controversial with some countries (Denmark, for example) eschewing its use in their probes, other nations (US, UK - I am looking at you) have piled on to pay their own fees to access the stolen data.

Meanwhile, Liechtenstein is royally pissed, Germans are overtaxed and wealthy types in virtually every major Western democracy are loosening their sweaty collars. But Heinrich Kieber? Well, we have it on good authority that he's living somewhere comfortably, weathily even, and with a new name. I'm thinking someplace sunny... Australia, perhaps?

And if you're looking for more meat on the story but have so far skipped over all the links above, at least make a point of checking out this Speigel article on Heinrich Kieber. It is without question the best and most exhaustive account you'll find anywhere.

--MDT

Labels: Germany, Heinrich Kieber, informer, tax evasion, tax havens

Read it here!

-- MDT

Labels: Germany, Heinrich Kieber, Liechtenstein, tax evasion, tax havens

Heinrich Kieber - COME ON DOWN!

And it looks like many weathly U.S. citizens may be joining their German counterparts on the hook for hiding funds from the taxman in Liechtenstein's banks.

According to the WSJ, the Internal Revenue Service is in possession of the same banking records obtained by German authorities.

Also investigative their on citizenry are the United Kingdom, Australia, France and Canada.

-- MDT

Labels: Germany, Heinrich Kieber, Liechtenstein, tax evasion, tax havens