The nouveau riche are just about everywhere in India, spending conspicuously in luxury stores and auto showrooms. Unless it’s income tax time. Then, suddenly, they barely exist.
François Hollande's former tax tsar begged for "forgiveness" after admitting to having an undeclared Swiss bank account for the past 20 years, as he was placed under formal investigation for tax fraud.
ABN Amro, now fully owned by the Dutch state, is a little more forthcoming. It says the tax haven subsidiaries are connected to special investment funds and investments in ships and that there is 'no question' of tax evasion.
As an example of a practice no longer deemed acceptable, he cited the way banks used trust arrangements to pay bonuses to employees that meant they avoided national insurance and allowed them to defer the tax on those bonuses.
Liechtenstein, with similar secrecy laws to larger neighbor Switzerland, has long prospered by offering secretive foundations and trusts through firms known as fiduciaries.
There are around 500 adviser firms being pursued by the FSCS, relating to about 1,500 Keydata investors.
Plans hand the Bank of England sweeping new powers to regulate the financial system have been criticised by the former head of the Bundesbank, who warned they risked the independence of the central bank.