Lowy Family Faces Tax-Shelter Probes

WASHINGTON -- The Lowy family, which controls Sydney-based Westfield Group, the largest shopping mall owner in the world, is facing probes by U.S. and Australian tax authorities regarding the family's alleged use of tax shelters in Liechtenstein.

The use of such shelters offered by elite offshore banks is the focus of investigations by authorities on five continents. That is causing nervousness among private bankers and dozens of the world's wealthiest families. Authorities are trying to determine whether wealthy individuals used the accounts to avoid paying taxes on dividends, interest and capital gains generated by the funds in the accounts.

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