Amid renewed suspicions of tax evasion, German prosecutors have launched fresh investigations into almost a thousand citizens found to have accounts with Liechtenstein’s oldest bank.
Confidential client data, obtained from the Liechtensteinische Landesbank AG (LLB), lies at the heart of the investigations to be conducted across Germany and is understood to cover around EUR1bn in deposits and interest.
The information was received by German tax officials during a trial in Rostock, northern Germany, where three men currently face charges of blackmail.
In 2005, the men obtained 2,325 account statements from a former LLB employee, who is also under investigation. It is alleged that in a bid to preserve its reputation, LLB paid CHF7.5mn (EUR4.7mn) in 2005 in exchange for 700 account statements and a further CHF4mn in 2007 for 900 statements. A final payment of CHF4mn was to have been paid in August 2009.
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