The New York Times reports that the US Senate Permament Subcommittee on Investigations named Australian property maven and philanthropist Frank Lowy in a 114-page Staff Report on how the investment bank UBS created offshore tax havens in Liechtenstein. The report is part of a Permanent Subcommittee investigation on Tax Haven Banks and US Tax Compliance which held a hearing on 17th July 2008.
The Permanent Subcommittee’s press release claims that Lowy used Liechtenstein’s LGT Bank to ‘transfer companies and a foundation with a Delaware corporation to
help the Lowys hide their beneficial interest in a foundation with $68
million in assets.’ NYT reveals the foundation was Laperla based in Liechtenstein and used to funnel up to $US100 million.
The Australian Financial Review‘s forensic journalist Neil Chenoweth investigated Australian entrepreneurs with Swiss offshore tax havens in Packer’s Lunch (Allen & Unwin, Sydney, 2007). For a broad international context also see my 2006 essay on anti-money laundering initiatives.