LawFuel reports…
Australian tax lawyer and rock singer Patrick Flynn, once a quiet suburban lawyer, has been thrust into the forefront of a major tax scandal involving allegation of wealthy Australians having their money funnelled into offshore accounts that echoes the Panama Papers episode that enveloped law firm Mossack Fonseca.
The Melbourne Age newspaper reports that 54-year-old Australian lawyer has built a booming international legal practice by advising Australians how to exploit them to minimise their tax but who is now facing intense scrutiny from the Australian tax office who are struggling to track the untaxed money leaving Australia for offshore bank accounts.
The Age, The Sydney Morning Herald, 60 Minutes and The New York Times revealed how a secretive international operation, codenamed ‘Atlantis’ targets Australian taxpayers who use a Puerto Rican bank, Euro Pacific, co-owned by American celebrity stockbroker and radio personality Peter Schiff.
Euro Pacific bank provides offshore banking facilities for clients and has operated for some time handling such transactions globally.
An undercover media investigation has created controversy in Australia and has prompted calls for new laws in Australia and better enforcement.
Financial crime experts in Australia are calling for the federal government must introduce long-stalled laws that would force Australian lawyers and accountants to report their clients to authorities if they move money in a suspect fashion, including offshore.
The experts claim that advisers like Flynn highlight the need for changes to ensure lawyers and accountants face the same obligations as banks and money remitters to report suspicious transactions. Instead, they are advising how not to leave a money trail.
Read more at. https://www.lawfuel.com/blog/the-rock-n-roll-aussie-tax-lawyer-who-has-cooked-up-a-global-tax-storm/
