German VAB Foreign Banks’ Lobby Searched in Cum-Ex Probe (1)

The Frankfurt office of the VAB Association of Foreign Banks in Germany was searched last week by Cologne prosecutors as part of a probe into the so-called Cum-Ex tax affair.

VAB Managing Director Andreas Prechtel confirmed the raid and said that “prosecutor’s allegations were not directed against the VAB, its organs or employees.” The lobby group -- which has around 200 member institutions -- is cooperating with authorities and has provided “all relevant documents,” he added.

Why ‘Cum-Ex’ Tax Dodge Casts Shadow on Global Banks: QuickTake

By exploiting how Germany once taxed dividend payments, dozens of bankers, brokers and lawyers ...