James Hurley for The Times
Taxpayers are to be repaid tens of millions of pounds by a Caribbean bank at the centre of a notorious VAT fraud. British insolvency firms have reached a settlement with the First Curaçao International Bank (FCIB), which was used by criminals to launder millions of pounds stolen from the exchequer, using the “missing trader” and “carousel” frauds.
The deal is expected to result in more than £80 million being returned to the exchequer following settlements of legal claims brought by a number of several British insolvency practitioners working on behalf of HM Revenue.
The UK lost an estimated
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