Accused of money laundering through Gibraltar, he refuses to cooperate

Eduardo Eraso

MADRID / GIBRALTAR One of the country's many cases of corruption is called Gürtel, which involves its alleged mastermind, Francisco Correa, and his supposed right-hand man, Pablo Crespo. Another person involved is Eduardo Eraso, the Venezuelan who is allegedly the 'front man' for Correa, and who together with Crespo chose to use his right not to answer questions from Judge Pablo Ruiz, about at least five million euros supposedly hidden in Gibraltar behind a network of companies. It is alleged that Eraso moved money for Crespo and Correa in and out of several of the Rock's financial services between 2001 and 2005, and is thus charged with money laundering and tax evasion. Eraso was found to have had>>>

Gibraltar commits to eradicating tax evasion

GIBRALTAR (Government Notice) Her Majesty’s Government of Gibraltar is committed to continue working with the UK Government and the wider international community on a new package on tax  transparency. It will do so in a spirit of partnership with the UK, as advocated in the Overseas Territories’ White Paper. The Gibraltar Government is confident that it already has in place a robust regime for the rooting out of tax evasion, particularly through its  membership of the EU and full compliance with EU rules. It is committed to pursuing this agenda with the UK in agreement, and subject to consultation, with the finance industry in Gibraltar.>>>

EU Court backs Spain in demand of information from Jyske Bank

GIBRALTAR/MADRID/BRUSSELS The Court of Justice of the European Union yesterday declared its approval of the demand made by the Spanish tax authorities regarding information from Jyske Bank, which also operated in Spain, information which is needed to prevent money laundering and funding of terrorism. The Court's sentence declares that Spain's request is a 'proportionate measure' because there is as yet no mechanism that can be used among EU member states against these crimes. The case goes back to 2007, when>>>

Alarm bells ring in Spain about Cyprus bank account levy

Protest in Nicosia

SPAIN The Spanish media has recently been raising the frightening spectre of a corralito - the popular name for what happened in Argentina in 2001, when the banks simply closed their doors on government orders and clients large and small were unable to access their accounts for a full year. The fear of something similar happening in Spain comes directly from what is currently happening in Cyprus. Reasoning behind the fear is usually stated as a question: 'If an EU government can just take what they like from my deposit account, what's to stop them from doing that here?' Here are some street-level comments and questions we picked up:>>>

Bullfighter accused of money laundering

Salvador Barberán

Part of large anti-corruption operation

ALGECIRAS Salvador Barberán, a promising young bullfighter from Algeciras, and his manager, Pablo Cano, were arrested last week in an operation that the National Police have been developing since September, and which is still open and under sub judice regulations. According to sources close to the matter, Barberán and his manager were sent to the Botafuegos prison, although 'there are at least two more' jailed in the same case. Initially, some twenty people were detained and questioned, after a series of properties in Algeciras and on the Costa del Sol appeared almost simultaneously on property registries. Several were subsequently released. The case is 'substantial' and is part of the macro-operation we reported in Jimena property in money laundering scandal article of earlier this month. The involvement of Barberán, who became a fully fledged matador at the Algeciras Feria earlier this year, has caused much surprise in his native town. UPDATE: Barberán and his manager were released after reportedly paying bail of €20,000.

Jimena property involved in money laundering scam

Finca La Bordalla

JIMENA The subject burst on the media scene towards the end of last month (since when we have been trying to obtain further information without success). The Guardia Civil had raided the offices of a property investment and management company, Inversiones Patrimoniales P&P, in Algeciras in a spectacular operation against money laundering. The GC entered the offices via a window and removed several computers and documentation that is still being studied. However, it appears that a property in Jimena, the controversial, allegedly illegal Finca La Bordalla (photo) was involved in the money laundering operation. Local witnesses saw numerous GC vehicles heading up to the property about a week ago, where a thorough search was carried out, apparently without result. It is assumed thatYOU WILL BE UNABLE

Spain arranges for taxes on 'opaque' money in Switzerland

(Photo: howstuffworks.com)

SPAIN For many years, international organizations and many countries have put pressure on Switzerland to end banking secrecy. Without much success except if the funds come from an illicit source. There is an ongoing debate in Europe on the need to issue a directive aimed at making transactions more transparent in places that attract large funds, especially because of their 'opacity'. The Swiss are not enthusiastic with the idea, but in the meantime -particularly in the present economic climate- governments are taking measures to put a stop to capital flight or art least to recover some of the taxes evaded in the flight. The UK and Germany have already come to agreements with Switzerland whereby their citizens with accounts there pay taxes without the need to reveal their identities. The next Spanish PP government would be pleased with such an arrangement, which, although not ideal, is nevertheless the most pragmatic. Taxation would thus be left to the Swiss and is a matter of trust. Still, it's better than nothing, especially when some sources say that there is something like €45,000 million in Spanish names in Swiss accounts, about half of which has not been declared.

'Money changers' shops raided in FSC operation

(Photo: The Gibraltar Chronicle)

GIBRALTAR (GibChronicle) Police raided nine premises yesterday and arrested 17 people in a clampdown on alleged illegal moneychangers. Most of the premises were small shops in the area of Irish Town and Ocean Heights, though at least one other site was targeted, too. Just after 1pm, uniformed and plainclothes officers of the Royal Gibraltar Police swooped down on the shops and sealed them off to protect evidence. The operation was carried out jointly with the Financial Services Commission, whose chief executive Marcus Killick was also at the scene.>

Spain's 'biggest' money-laundering case fizzles out

MARBELLA (Source: El Pais) Fernando del Valle (photo, on hearing decision), a 62-year-old Chilean-born lawyer, pinned as the mastermind behind the Ballena Blanca (White Whale) operation, was ordered to serve a jail sentence of six years and three months and pay a 3.5-million-euro fine. His main co-defendant, Tunisian-born drug-trafficker Sophiane Hambli, was sentenced to three years and fined 1.5 million euros. Prosecutor Antonio Morales, who was asking for a 30-year sentence for Del Valle and higher sentences for the others, said that he will study whether to appeal the sentences before the Supreme Court.>