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Wed May 15, 2019, 04:25 PM

Tax authorities mount raids on 19 German banks and homes

Last edited Tue May 28, 2019, 06:00 AM - Edit history (1)

Eleven banks and eight private homes and offices across Germany have been raided by police and tax investigators as part of a wide-ranging investigation into tax evasion. The raids, which began at dawn on Wednesday and went on into the afternoon, were part of the same investigation started last November over money laundering allegations linked to the so-called Panama Papers scandal, alleged to involve Deutsche Bank.

The eight individuals under investigation are alleged to have founded companies in offshore tax havens aided by a former British Virgin Islands branch of Deutsche Bank.

“With the help of a former subsidiary of a major German bank, they are each believed to have founded companies in tax havens on the British Virgin Islands to hide capital gains from the German tax authorities and evade tax that was due on them,” Frankfurt state prosecutors said in a statement...


Why here in UK Group? Because British Virgin Islands, a BOT (British Overseas Territory aka British Offshore Taxhaven). For some in UK who favour leaving the EU, it is precisely so as to be able to continue catering to wealthy tax evaders, domestic and foreign, or being the same themselves. This corrupts everything.

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