| NEW DELHI, JUNE 10, 2010: CANADIAN tax auditors have
come down heavily against three financial institutions to identify not only the
people who have clandestinely invested in the tiny tax haven of Liechtenstein
but also the investment advisors who helped them.
The
three banks, UBS Canada, BMO Nesbitt Burns and Financière Banque Nationale, a
subsidiary of the National Bank of Canada, are required under the orders of the
federal court, to reveal information on 46 current and closed accounts in
Liechtenstein to the tax agency. These accounts are believed to be linked to
Canadians.
It
has taken the tax agency two years to get the orders from the federal court
under what is code named Project Jade. Mounting pressure on tax evaders, the
agency found that an investment advisor who helped to establish at least one
Canadian account in Liechtenstein was working with Financiere Banque Nationale.
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