Monday, April 19, 2021

Police raids ABN Amro offices in Frankfurt over tax scandal

-

German law enforcement officials raided ABN Amro NV’s offices in Frankfurt for a second time in three months to probe the bank’s involvement in the Cum-Ex tax scandal.

Several police officers and investigators were seen conducting searches in the offices of the Dutch bank in Frankfurt’s financial centre.

Cologne prosecutors confirmed that the investigation is related to the Cum-Ex tax probe. The bank is one of many companies whose offices have been raided over the scandal.

- Advertisement -

For over a decade, German authorities have been investigating hundreds of tax fraud cases, where banks helped investors make use of a financial loophole that allowed multiple parties to claim the same tax refund.

ABN Amro is also suspected by Dutch authorities of money laundering after failing to report suspicious transactions. The office accused six people of causing tax damages worth a total of €53.3 million. Local media said that several former managers of one of the bank’s umbrella organizations are suspects in the case.

ABN Amro said it was cooperating with the authorities and would help make all information available. The Cum-Ex strategy resulted in over €10 billion in lost revenue for the German government.

Original article on neweurope.eu

- Advertisement -
- Advertisement -

NEWSLETTER

Get our daily notification on the latest financial crimes news around the World

MUST READ

- Affiliate Products -

Advertisement
Advertisement

This Week

Enable Notifications    OK No thanks