The Canada Revenue Agency says its investigators executed search warrants on two properties in Vancouver today — part of an effort to find further evidence in a $77 million tax evasion case related to the Panama Papers.
The CRA says 40 criminal investigators took part in the operation.
The agency says investigators uncovered a series of transactions involving offshore tax havens linked to an alleged attempt by a non-resident to avoid paying tax he was withholding. Investigators relied on various sources, including records obtained through the Panama Papers leak, according to a news release.
“These complex investigations can take months or years to complete and I’m encouraged and very pleased with the search warrants that were executed this morning,” said National Revenue Minister Diane Lebouthillier in a written statement.
“The net is tightening.”
The Panama Papers are the millions of documents leaked in 2015 that revealed financial and lawyer-client information for more than 200,000 offshore entities.
The CRA says this investigation is one of 52 international and offshore tax evasion cases in which it is involved, including cases involving five taxpayers named in the Panama Papers.
It’s not clear where the non-resident caught up in these search warrants is from, or where he lives now.
More to come …