Raid on the banking association – tax scandal

New chapter of the tax scandal on the cum-ex agreements: Tuesday, according to the media, investigators raided the offices of the banking association.

Police have searched the offices of the banking association (BdB) in Berlin and Frankfurt since Tuesday morning in so-called cum-ex proceedings. That said a spokesperson for the association on t-online.de request on Tuesday morning.

“It is true that the Cologne public prosecutor’s office is investigating the Cum-Ex procedure in our offices in Berlin and Frankfurt,” said the spokesperson. The Cologne prosecutor’s office also confirmed the search. “Süddeutsche Zeitung”, NDR and WDR had already reported.

The research should be used to find evidence that could be important for further investigations into the complex case, said Attorney General Ulrich Bremer. In the perspective of the current campaign and in a context of tax secrecy, no name is mentioned.

What role did the association play in Cum-Ex?

A BdB spokesperson said: “The investigations are not directed against the banking association. We are fully cooperating with the authorities,” he said.

The cryptic name “Cum-Ex” represents multibillion tax theft. In “cum-ex” transactions, stock traders traded stocks with (“cum”) and without (“ex”) dividend rights between multiple participants around the dividend distribution deadline. In the end, the tax authorities no longer knew who owned the papers. The tax offices reimbursed unpaid capital gains taxes.

Investigators were trying to find out what role BdB banking lobbyists had in the Cum-Ex affair, the newspaper reported without any specific source. In the association’s internal working groups and in exchange with the Federal Ministry of Finance, efforts should have been made to keep loopholes open to such transactions. The tax damage caused by the cum-ex transactions, in which many banks were involved, runs into the billions.

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