Monday, May 20, 2024

Breaking Island News

Brazil:Private Brazilian island among assets frozen in tax evasion crackdown

Even though private islands are not the most obvious personal asset, often located miles away from the owner, they are not out of reach of the law.

Brazilian police arrested 18 people on Wednesday in a widespread crackdown on tax evasion totalling an estimated USD 633 million. The huge fraud scheme apparently took place in 17 states and the Federal District of Brasilia, according to Chinese newswire Xinua.

The suspects used front companies in the scheme, and police executed a court order to seize or block access to goods and property of 62 people in 195 companies, including cars, planes, boats and a private island off the coast of the northeastern state of Bahia.

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