HMRC Raids Liverpool in Euro Pacific Bank Tax Fraud Bust as Two Men Arrested

HMRC Raids Liverpool Homes in Tax Evasion Bust Linked to Collapsed Bank

HM Revenue and Customs (HMRC) officers stormed three residential and business addresses in Liverpool, arresting two men aged 40 and 50. The raids, part of a high-profile investigation, uncovered computers, business records, jewellery, luxury watches, and designer clothes and handbags.

Arrests Tied to Euro Pacific Bank Money Laundering Probe

The duo were detained on suspicion of tax evasion and money laundering linked to the now-defunct Puerto Rican Euro Pacific Bank (EPB). The Puerto Rico Office of the Commissioner of Financial Institutions shut down EPB in June 2022, triggering a liquidation and a worldwide probe led by the Joint Chiefs of Global Tax Enforcement (J5).

HMRC, a founding member of J5, announced last year it would unleash its full civil and criminal powers on hundreds of UK customers connected to EPB. Around 600 UK clients have already been warned to review their tax affairs.

HMRC Warns Tax Dodgers: ‘Come Clean Before It’s Too Late’

Zoe Gascoyne, Deputy Director of HMRC’s Fraud Investigation Service, said:“When we launched this probe, we were clear that customers of this bank should come to us before we came to them. These arrests prove we’re true to our word.

“HMRC and J5 are making the world a smaller place for those we suspect of cheating the system. Our investigations are gathering pace so now’s the time to come clean before it’s too late.”

UK Customers Urged to Disclose Before Penalties Hit

Anyone unsure about their tax payments linked to EPB must come forward by 28 February 2023 to avoid heavier fines. HMRC urges taxpayers to make a disclosure through the Worldwide Disclosure Facility (WDF) here: https://www.gov.uk/guidance/worldwide-disclosure-facility-make-a-disclosure.

Failing to disclose before the deadline could trigger costly penalties. HMRC’s crackdown shows no signs of slowing – tax evaders beware.