Raid on Commerzbank headquarters for suspected tax evasion

 Commerzbank-Zentrale in Frankfurt am Main | Bild (Ausschnitt): © David Schiersner [CC BY 2.0] - flickr

As reported by n-tv and Handelsblatt the attorney general of Frankfurt authorised raids on offices in the Commerzbank headquarters as well as 3 private houses of accused individuals in the second week of November. The raid was based on the suspicion that Commerzbank evaded taxes by Cum-Ex trading in the past.

The attorney general claims investigations showed multi-billion Euro deals closed between 2006 and 2010 which evaded taxes of about 40 million Euros.   ... →

Companies deprive Africa of urgently needed financial means

A report by the High Level Panel on Illicit Financial Flows published in February 2015 revealed that Africa looses up to $ 50 billion a year due to fraudulent schemes among governments and multinational companies. This amount doubles the annual official development aid that the continent receives making it a net creditor to the rest of the world.   ... →

Deutsche Bank and Barclays allegedly aided and abetted tax evasion in the US

Deutsche Bank and Barclays PLC have once again made the news. Both financial institutions have been accused of aiding more than a dozen hedge funds to skirt an estimated $6billion in taxes in the US. These findings have been publicized by the investigating committee which published the Levin-McCain-Report in the US on July 22, 2014. The 93-page report examines how hedge funds with the help of financial institutions have paid fewer taxes on their sales returns of approximately $100billion from 1998 to 2013 than legally required.   ... →

UBS pays 300 Million to German Tax authorities

UBS has settled with the German tax authorities to pay a 300 million euro fine, due to the suspicion they were aiding and abetting tax evasion. The prosecution has been investigating the Swiss bank since 2012. The investigation was instigated by the discovery of a CD containing details of UBS clients that was acquired by the German state of North Rhine-Westphalia.   ... →

New Claims against UBS regarding tax evasion

The Swiss banking giant, UBS, simply cannot escape the allegations of money laundering. In July 2014 Facing Finance reported on the illegal business practices of the Belgian UBS branch and the opening of a formal impeachment process of Marcel Brühwiler. Now a few weeks later, the same institution is being accused of helping wealthy French cheat the French Treasury and the Paris office is being charged with repeatedly violating French law between the years 2004 and 2012.   ... →

Money laundering at UBS

After the Swiss Bank Credit Suisse was convicted of tax fraud and fined a penalty of 2.6 Billion dollars in the United States, a second Swiss bank is now in the sights of the authorities.

The Brussels public prosecutor’s office on the evening of the 19 June 2014 stated that a legal case had been made against Marcel Claudia Wettstein, head of the Belgian UBS branch.   ... →