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TI defines tax evasion as “the illegal non-payment or under-payment of taxes, usually by deliberately making a false declaration or no declaration to tax authorities – such as by declaring less income, profits or gains than the amounts actually earned, or by overstating deductions.”[49] In the US, the IRS defines tax evasion as “the failure to pay or a deliberate underpayment of taxes.”[50] According to the European Commission, tax evasion “generally comprises illegal arrangements where tax liability is hidden or ignored, i.e. the taxpayer pays less tax than he/she is supposed to pay under the law by hiding income or information from the tax authorities.”[51]

Based on these definitions of tax evasion, we define the risk for financial institutions from facilitation of tax evasion as losses or penalties resulting from knowingly assisting or turning a blind eye to the evasion of taxes.