Swiss leaks investigations may include businesses

An investigation launched by the tax authorities into the Swiss leaks list obtained from the French authorities also includes businesses, MaltaToday has learned.

Obtained a week ago following the direct intervention of Prime Minister Joseph Muscat with French President Francois Hollande, the French authorities passed on the list to the Maltese tax authorities and the Commissioner for Revenue Marvin Gaerty. 

The Commissioner has now launched an investigation into the list of 71 Malta-based clients.

Muscat confirmed with MaltaToday that the investigation is not restricted to names of individuals but also includes any companies that may be on the list.

“An investigation is underway with regard to companies that may be on the list,” the PM said. 

Replying to MaltaToday’s questions, Muscat said the list might also include company names. 

The government has pledged to publish the list of politically exposed persons (PEPs) as it awaits the Commissioner to go through the full list. 

According to the EU’s third anti-money laundering directive, PEPs are “natural persons who are or have been entrusted with prominent political functions and immediate family members or persons known to be close associates of such persons”.

Muscat confirmed that anyone who held a public role, including as heads of parastatal companies or agencies, were considered to be PEPs.

“The information I have is that the Commissioner is going through each and every name on the list,” he said, adding that he was encouraging the tax department to work as fast as possible.

Reiterating that he had no right to see the full Swiss leaks list, Muscat added that no prime minister had access to the list of persons who benefitted from the investment registration scheme.

“No prime minister, yesterday, today or tomorrow, has the right to see it,” he said.

Muscat, earlier this week in reply to MaltaToday questions, said that no more tax amnesties by the government were envisioned. A first tax amnesty was launched in 2002, followed by subsequent amnesties in 2003, 2005, 2007 and 2014.

Over €607 million is kept by Maltese account holders in HSBC’s Swiss banking arm, to help them evade taxes at home.