22 Jul 2021
Milan prosecutors are investigating Lombard International Assurance (LIA), a Luxembourg-based insurer owned by U.S. fund Blackstone, due to allegations of tax evasion and money laundering, two judicial sources said.
Newspaper Sole 24 Ore had reported the investigation on Wednesday and the judicial sources confirmed the details of the report.
The judicial sources said Italy’s tax police allege LIA had failed to disclose to domestic tax authorities income worth around 500 million euros ($589 million).
The prosecutors are also investigating allegations that some of the money that LIA’s customers have invested in insurance policies was obtained illegally, the judicial sources said.
By Emilio Parodi, Reuters, 21 July 2021
Read more at Reuters
RiskScreen: Eliminating Financial Crime with Smart Technology
Advance your CPD minutes for this content, by signing up and using the CPD WalletFREE CPD Wallet