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US Congressional investigators to clamp down on tax evasion

Published:Monday | March 3, 2008 | 2:48 PM

United States Congressional investigators said they would be travelling to Cayman this week to probe tax evasion by several US companies operating in that country.

This reportedly follows a recent incident where a former bank employee in Liechtenstein, allegedly sold customers’ bank statements to the German intelligence services.

US Senator, Carl Levin, said Americans dodge more than US$100 billion in taxes a year by hiding assets in the Cayman Islands and other offshore tax havens.

He said the US government would be taking a tougher stance in dealing with tax dodgers.