GCC rich list facing new scrutiny from UK taxman

Thousands of the GCC’s wealthiest nationals with money in the UK on Wednesday came under renewed scrutiny in the British government’s fight against tax evasion.

All banks or financial institutions with branches in the UK, including Arab and Swiss companies, will be affected by the crackdown and legal experts predict the move will affect "huge numbers" of Arabs who currently hold money in the UK.

From Wednesday, the UK’s HM Revenue and Customs (HMRC) can force hundreds of banks and financial services providers to disclose information about clients with UK addresses who have offshore interests.

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