The Canada Revenue Agency (CRA) announced that it executed three search warrants on , during the course of an offshore tax evasion criminal investigation related to the data leak from the Panamanian law firm and corporate service provider Mossack Fonseca, made public in the Panama Papers.
Approximately 30 CRA criminal investigators, assisted by members of the RCMP and the Police, took part in the operation that unfolded in , and the , searching for evidence with respect to the commission of offences against the Income Tax Act and the Excise Tax Act. The CRA's investigation identified a series of transactions involving foreign corporations and several transfers through offshore bank accounts used allegedly to evade taxes.
Working in collaboration with its domestic and international partners, the CRA would like to acknowledge the significant contribution of the Financial Transactions and Reports Analysis Centre of (FINTRAC) to this criminal investigation.
This investigation is one of the 42 international/offshore tax evasion cases that CRA is currently investigating which involve complex structures and potentially multi-million dollars in taxes evaded, which is consistent with our priority of focusing on sophisticated and well-organized tax evasion schemes.