An investigation into possible tax evasion in the German insurance industry could be widened to include banks, a tax authority was quoted as saying on Tuesday.
"We have observed that banks are involved in these transactions," stated Martin Fliedner, a spokesman for the regional tax authority in Dusseldorf, who named Dresdner Bank (controlled by Allianz) as one of the banks involved, according to Reuters.
Tax investigators are currently trying to ascertain if customers transferred money held in foreign bank accounts through domestic banks to purchase insurance policies in Germany.
The probe involves around 25,000 policies and other data and Fliedner explained that the affair dates back to September 2002, adding that between 1,700 and 2,000 investigation procedures have already been initiated.
Fliedner stated that the focus is on clients of life insurance firms, rather than the firms themselves.
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