German Officials Search Banks, Individuals Over Tax Evasion

Date : 05/15/2019 @ 1:44PM
Source : Dow Jones News

German Officials Search Banks, Individuals Over Tax Evasion

By Patrick Costello


Investigators in Germany carried out a series of raids Wednesday against private individuals over suspicions of tax evasion, the public prosecutor's office of Frankfurt said.

Prosecutors, federal and state police and other authorities searched the living spaces of eight people across Germany, as well as the business premises of 11 banks and savings' associations, or Sparkassen, the prosecutor's office said. The premises of tax advisors and asset managers were also searched.

The prosecutor said the operation was connected to the raid of a "large German bank in Frankfurt am Main" at the end of November.

The individuals concerned are German taxpayers who set up companies in tax havens in the British Virgin Islands with the help of the former subsidiary of a "large German bank" to hide capital gains from German tax authorities and evade the resulting taxes, the prosecutor said.

In November, investigators searched the premises of Deutsche Bank AG (DBK.XE) in Frankfurt in relation to the so-called Panama Papers leaks from 2016 about a now-defunct Panamanian law firm that specialized in offshore holding companies.

Deutsche Bank said in a tweet Wednesday that it wasn't the focus of the prosecutor's searches.

"The investigations today are not directed against Deutsche Bank," the bank said. "The public prosecutor's office is investigating private individuals."

The bank said it is cooperating, and will voluntarily submit all requested documents.

"A search of our business premises has therefore not taken place," the bank added.


Write to Patrick Costello at


(END) Dow Jones Newswires

May 15, 2019 08:29 ET (12:29 GMT)

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