Italy probes transfers of €33bn with San Marino

Italian financial police said on Thursday they were looking into the movement of around €33 billion over a five year period between the country and the small republic of San Marino, a former tax haven in the middle of Italy.

Italy probes transfers of €33bn with San Marino
San Marino from Mt. Titano. Photo: Vladimir Menkov/Wikimedia

The 60-square-kilometre (24-square-mile) enclave on the northeastern side of the Apennine Mountains was a fiscal paradise until 2014, when it signed agreements on the automatic exchange of financial information.
The Italian judicial inquiry, looking at the period from 2009 to 2014, has identified “58,841 persons, including 26,953 Italians and 31,888 inhabitants of San Marino or residents overseas who have carried out financial operations between Italy and San Marino, in both directions, for more than €33 billion,” the investigation's statement said.

The first results of the inquiry indicate that “more than €850 million in revenue had been hidden from tax authorities while VAT fraud exceeded more than €153 million,” the statement said.

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Life’s a beach: 3 in 4 skip work in Riviera town

It is a well-known holiday destination and employees of the Italian Riviera resort of San Remo have been caught slipping into vacation mode a little too frequently.

Life's a beach: 3 in 4 skip work in Riviera town
San Remo...a tempting place to skip work. Photo: François Schwarz

With the help of secret cameras, local police have discovered that nearly three out of four town hall employees regularly abandoned their work stations for more agreeable pursuits.

They included one who spent much of his work time indulging his passion for canoeing yet still regularly filed overtime claims.

The astonishing scale of absenteeism came to light after police were tipped off about the problem and organised a surveillance operation covering 272 of the town's 528 staff.

They announced on Thursday that 196 of those monitored, or 72 percent, were guilty of “frequent irregularities”.

A total of 35 staff have been placed under house arrest pending trials while another 114 were found to have been guilty of illegal conduct but will not face further action.