Some 500 German police officers have raided the headquarters of the Deutsche Bank in Frankfurt, arresting five employees. Officials say staff are suspected of involvement in tax evasion and money laundering.
A court in Frankfurt is looking into the role that suspended employees of Deutsche Bank played in a large-scale fraud scheme involving the trading of carbon permits. The trial is to continue until May.
After journalists published a tranche of documents exposing the shadowy world of offshore business, two German banks have said helping customers set up shell companies abroad is not illegal per se.
Numerous Western nations say they're probing persons implicated in the "Panama Papers" tax avoidance scandal. Germany's "Süddeutsche Zeitung" daily says at least 28 German banks used the Mossack Fonseca consultancy.
It is not illegal to set up a shell company in an offshore tax haven. Numerous providers can be found online, praising the advantages of a letter-box corporation. But what are the legal benefits?
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