Panama Papers: Police seize silver bullion in tax raids
By GCRU Gold News on Saturday, September 10 2016, 23:18 - Permalink
The Australian Federal Police have seized 170kg of silver bullion and coins in a raid in Queensland as the government's widening Panama Papers investigation targets "a number of high net wealth individuals" – the term the ATO uses for taxpayers with more than $30 million in net wealth.
Mr Keenan said the AFP had seized documents, electronic records and 170 kilograms of silver bullion and coins worth approximately $150,000 from a property in Camp Mountain, Queensland.
It was among the 18 raids executed by the AFP, the Australian Criminal Intelligence Commission and 100 tax officers, in a widening investigation that has identified $2.5 billion in cash transfers linked to Australian Panama Papers entities.
The Australian Financial Review revealed in April that the Australian Tax Office was investigating 800 clients of Panama law firm Mossack Fonseca, a figure which Minister for Revenue and Financial Services, Kelly O'Dwyer, said had now risen to 1000 Australians.