Contact

News & Insights

NEWS WRAP – Eco Investment Scammers Given Prison Sentences

The men were sentenced to a combined total of 43 years imprisonment for their part in a £107.9m fraud which preyed on the good consciences of high-net-worth Individuals who wished to make the most of the tax breaks available on eco-investments.

Justice will be served

As well as time in prison. the five fraudsters have also been ordered by Old Bailey and Southwark Crown Court to repay £20m to HMRC. If they fail to do this they could face another combined 39 years in prison. Furthermore, HMRC says that it will look to trace and confiscate other assets belonging to the men.

Martin Lynagh, from HMRC’s fraud investigation commented, “This was a carefully-planned and complex attack on the tax system and now the men have to pay up or spend even more time in prison, and still owe the money.” *

Mr Lynagh added that the organisation’s work doesn’t end with a conviction and that they will endeavour to reclaim stolen assets so that the money can go on to fund public services in the UK.

It is anticipated that the men have hidden a large portion of their profits in opaque offshore jurisdictions and that in order to repay the money they owe will have to cash in pensions and liquidise assets in the UK and Dubai.

How the scam worked

The criminals convinced wealthy investors to put their money into carbon emission reduction certificates. These certificates are part of a scheme that aims to assist countries in meeting United Nations environmental emissions targets.

However, the investors’ money never went anywhere near the certificates, instead it was invested in property in Britain and Dubai, with details of the investments never disclosed to HMRC.

Trusted investment advice you can rely on

For more than 30 years, Blacktower Financial Management has been providing trusted international financial services and wealth management advice to clients in the UK, Europe and across the globe. We are a fully regulated and licensed firm and can help you find a retirement investment strategy and asset allocation that aligns with your goals and circumstances.

Wherever you live, if you are an expat and are looking for international financial advice from a team of specialist cross-border advisers, contact your local office today.

* https://www.ftadviser.com/regulation/2019/12/16/tax-fraudsters-to-pay-back-20m-over-fake-eco-investments/ Accessed 18-12-19

Related News

TOP TIPS – How to Avoid Scams

DetectiveThe Financial Conduct Authority’s (FCA) limitations in relation to scams and mis-sold products have been brought into the spotlight in recent months, with a number of high-profile scandals.

For example, last year nearly 12,000 London Capital & Finance (LCF) investors lost approximately £237m (€277.8m) as a result of investing in mis-sold speculative mini-bonds.* This is because they weren’t aware of how to spot a scam.

A clearly frustrated LCF bondholder told press that it should be an imperative for HM Treasury and the government to take steps to clarify and strengthen the law in relation to liability. The LCF bondholder also called on government ministers to ensure better regulation of online ads, to make avoiding scams easier for victims.

Read More

Expats Can Take Advantage of Tax Changes in Murcia and Andalucía

Goals for 20182018 has brought good news for many expats tackling the idiosyncrasies of finance in Spain and, especially for those who want to manage their legacy planning successfully.

This is because British and other EU citizen expatriates in Spain have received a boost in relation to succession tax laws.

Under the Spanish regional system, expats in Spain (but not those from outside the EU or EEA) can avoid costly Spanish state succession rules on passing; instead they are able to take advantage of kinder regional laws, such as those just implemented by Murcia and Andalucía.

In these areas, if you have Spanish assets but have not quite yet become a fully-fledged expat or indeed if you have Spanish property but still reside full-time in the UK; your heirs, wherever they may live, are entitled to the full range of succession tax reliefs offered by the region in which your assets are invested. Sometimes this may be as much as 99% succession tax relief or, in some cases, total exemption.

Read More

Select your country

Please select your country of residence so we can provide you with the most relevant information:

You are currently viewing the Blacktower Financial Management EU website.

You may be looking for the Blacktower United States website.

Blacktower United States > X Stay on this site

Or choose your country.