The Guardia di Finanza has completed the operation codenamed "Red Jack", described as one of the largest economic and financial actions ever carried out in the recreational sailing sector in Italy.
The operation was carried out by the Air and Maritime Operations Unit of the Guardia di Finanza in Cagliari and uncovered a vast tax evasion scheme involving yachts and other luxury vessels.
According to the investigations, 100 ships and vessels have been identified that, although used by citizens resident in Italy, sailed under foreign flags and were not declared to the Italian tax authorities.
Italian authorities indicate that the total value of assets seized or investigated exceeds 48 million euros, while the fines imposed can reach up to 23 million euros, depending on the purchase value or market price of the undeclared assets.
