HM Revenue and Customs (HMRC) officers executed search warrants at three residential and business addresses in Liverpool and arrested two men, aged 40 and 50.
Computers and other digital devices were seized during the raids along with business records. High-value assets were also seized, including jewellery, prestige watches, and designer clothing and handbags.
The pair were arrested on suspicion of tax evasion and money laundering as part of an investigation that is linked to the collapsed Puerto Rico-based Euro Pacific Bank (EPB).
The Puerto Rico Office of the Commissioner of Financial Institutions (OCIF) suspended the operations of the bank in June 2022 and it has since entered a liquidation process. The bank had been at the centre of a global probe by the Joint Chiefs of Global Tax Enforcement (J5).
HMRC, which is a founding member of the J5, announced in July 2022 that it was using its full range of civil and criminal powers to investigate the tax affairs of hundreds of UK customers linked to EPB. This was followed in September with HMRC writing to around 600 people in the UK who used the bank to urge them to check their tax position and make any necessary corrections.
Anyone who is not sure they paid the right amount of tax must come forward and tell HMRC as soon as possible. They should do this before 28 February 2023 and let HMRC know they intend to make a disclosure.
If they do not come forward before that date, penalties may be higher. To make a disclosure, they should use the Worldwide Disclosure Facility (WDF) here: https://www.gov.uk/guidance/worldwide-disclosure-facility-make-a-disclosure
Anyone who has committed fraud and wants to tell the HMRC can use the Contractual Disclosure Facility.
