TaxPersonal TaxTax probe swings back to Germany

Tax probe swings back to Germany

Tax investigation turns light on the involvement of private banks in German in setting up accounts for wealthy Germans in Liechtenstein.

Less than a day since Angela Merkel threatened Liechtenstein with isolation
in Europe unless the principality changed its rules on bank secrecy, German
banks have come under the spotlight.

The focus has suddenly shifted to private banks in Germany that may have
helped wealthy clients move millions to the tiny Alpine tax haven, sandwiched
between Austria and Switzerland.

A few private banks and other financial institutions in Germany helped to
administer around 50 anonymous foundations for rich clients in Liechtenstein,
Germany’s Sueddeutsche Zeitung reported.

The leading state prosecutor in the city of Bochum has publicly confirmed
investigators are looking into the role played by some private banks.

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