Germany searches banks and homes in nationwide tax evasion raid
17 May 2019

Frankfurt public prosecutors said they led a nationwide raid on eight homes and 11 banks on Wednesday as part of an investigation into wealthy individuals suspected of tax evasion.

The action was a follow-up on a police raid last November of Deutsche Bank over money laundering allegations linked to the “Panama Papers”.

The eight people in the crosshairs of the authorities are said to have founded companies in tax havens with the help of a former subsidiary of Deutsche Bank in the British Virgin Islands to hide capital gains from the German tax authorities and to evade taxes.

The investigations are not directed at Deutsche Bank, but at private individuals, Deutsche Bank said in a statement on Wednesday. The bank was cooperating, and its offices were not searched, the lender added.

By Andreas Framke, Reuters, 15 May 2019

Read more at Reuters

Photo: Nordenfan [CC BY-SA 4.0], via Wikimedia Commons

Read more:

EU to remove UK, Dutch overseas territories from tax haven blacklist

Germany: Santander bank caught up in major tax evasion investigation

Panama Papers: Germany conducts first raids over tax leaks

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