The scandal the Panama Paper could for German banks more serious consequences than previously thought. As FOCUS Online learned from banking circles, are German institutions have done their targeted customers aware of the Panama model.
have subsidiaries of German banks in Luxembourg and Switzerland their customers obviously made mid-2000s attention to the Panama model specifically. The learned FOCUS Online from banking circles. The Panama scandal suggests therefore for the financial institutions larger waves than previously known.
solution for owners of black money accounts
At that first shook banking secrecy a European tax havens. As an insider reports that it has available to German owners of black money accounts in adjacent countries “given the choice between an amnesty voluntary and another solution”. This “other solution” he says models such as in Panama. “We are not talking simply of looking away, but perhaps of an active advisory.”
Should the can be detected, the banks of the itself would have made tax evasion guilty and also could be held liable of their customers in an extreme case. “All customers who have gone to Panama, have never made a voluntary disclosure. This could now bitter revenge,” says the insider.
Especially in Switzerland and Luxembourg, Panama model was popular
especially with consultants from offices in Switzerland and Luxembourg the Panamanian foundation model is said to be popular because it is the Principality of Liechtenstein law very similar. For example, also applies to inheritance disputes a maximum limitation period of one year, which makes an extensive litigation in the courts almost impossible.
A mailbox company in Panama, however, is only worthwhile for large assets in a volume from ten to 20 million euros upwards . The reason for this are the relatively expensive structures such offshore shell companies, experts report. Another reason why experts suggest as the author and banker Hans-Lothar Merten, that it did not reach quite legally in shops: “Since it is very likely, at least, that not everything is taxed correctly.”
33 pages PDF -. € 9.99
14 German banks involved
In the more than eleven million documents the firm Mossack Fonseca to 14 German banks, the customers can find apparently switched to the law firm Mossack Fonseca and so helped them to create money in a letter box. "One is not so easy to Panama," said Georg Mascolo, head of the research interconnection of "Süddeutsche Zeitung", NDR and WDR, on Sunday evening in its "Anne Will".
Since Monday night are now the names known German banks that were found in the documents:
banks
- Commerzbank
- German Bank
- HypoVereinsbank
private banks
- Berenberg
- Sal. Oppenheim
- BHF-Bank
- HSBC Trinkaus & amp; Burkhardt
Landesbanken
- BayernLB
- LBBW
- HSH Nordbank
cooperative banks
German subsidiaries of Swiss banks
- UBS Germany
- credit Suisse Germany
Up to 426 letterbox companies mediated
According to the documents, which were evaluating the searchers, mediated banks sometimes more and sometimes less letterbox companies: credit Suisse, for example, only one, the Commerzbank equal 101 BayernLB 129 and UBS 138 as the news reported on its website. The former Dresdner Bank Latin America, which has its headquarters in Hamburg, is to have even conveyed 333 letterbox companies - and the German bank 426.
Also honorable private banks mixed with. Berenberg Bank operation according to the report quite a close business relationship with the firm Mossack Fonseca in Panama City. Your foreign subsidiaries should have given 13 offshore companies established in at least 76 offshore accounts.
Some of the accused banks say they had ceased activity prior years and from their customers requires a document showing the the stored assets is taxed. Others have sold years ago, the offices in question.
A spokesman for Deutsche Bank said it was to "the importance of this matter fully aware". The money house had already improved its customer acceptance procedure. "We check, with whom we do business, and make sure that our policies, procedures and systems are designed so that they comply with all relevant laws and regulations."
Commerzbank subsidiary paid 17.1 million Euro fine
Germany's second largest bank, Commerzbank, the subject sees Panama also been dealt with. Already in February 2015 investigators had searched offices of Commerzbank AG under the leadership of the Cologne public prosecutor. At that time it was about business practices of the Luxembourg subsidiary Cisal in connection with offshore companies in Panama, which had been set up by Mossack Fonseca.
The case against Commerzbank, was in the investigation unknown, had been recruited without sanction, said a Commerzbank spokesman on FOCUS online request. The daughter Cisal paid but in December 2015 the so-called corporate fine of EUR 17.1 million. Thereafter, the case was closed.
How calculated the EUR 17.1 million and for which they were paid exactly would not say the bank. They had in the late 2000s by all customers a written statement demanded that their money is tax-clean, says Commerzbank. From Customers not provided such proof that they had separated. " This is the theme of our vision by ", the spokesman said. The Luxembourg asset management subsidiary Cisal was sold in December 2015 for 68 million euros to the Swiss Institute Julius Baer.
Because Panama papers: Mad Icelandic Premier refuge in the middle of TV Interview
No comments:
Post a Comment