Bundesanstalt für Finanzdienstleistungsaufsicht (Federal Financial Supervisory Authority of Germany)
Compendium
Jun 07, 2023The past year has seen more developments related to the “cum-ex” tax evasion scandal we discussed in our 2022 report. As a part of the cum-ex (“with-without”) fraud, firms executed share deals before and after a stock’s dividend payment, timed so as to dupe governments into reimbursing tax payments that were, in actuality, never made. The scheme took advantage of a flaw in the German tax code and is estimated to have cost the government more than €10bn.
Observations
Apr 21, 2021Bafin, the German financial regulator, is facing a criminal probe into its oversight of Wirecard AG. Investigators will explore allegations that some of the agency’s staff traded in the now defunct company’s stock, even while BaFin was engaged in investigating Wirecard.
