19 Jan 2018
Germany has found no evidence of substantial breaches of money laundering rules by 11 of its banks named in the so-called Panama Papers, the country’s financial watchdog Bafin said on Wednesday.
The Panama Papers detailing how the rich and powerful used offshore corporations to hide money and potentially evade taxes, were leaked to the media in 2016.
“So far, it appears that none of the 11 banks which were involved in such dealings have substantially breached money laundering rules,” Bafin president Felix Hufeld said at an event in Frankfurt on Wednesday.
“Due to lack of a mandate, we could not verify if taxes were evaded,” he said. “What you make of the fact that banks let themselves be used to avoid taxes – even though in a legal way – that is a completely different matter.”
– By Arno Schuetze, Reuters. 17 January 2018
You can claim CPD minutes for this content, by signing up to our CPD WalletFREE CPD Wallet