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Germany's Regulator Delves Deeper Into Offshore Banking Business

by Ulrika Lomas, Tax-News.com, Brussels

23 April 2013


Determined to clamp down on tax evasion, Chief Executive of Germany's Federal Financial Supervisory Authority (BaFin) Raimund Röseler has announced plans to more closely scrutinize the offshore business activities of German banks.

In an interview with Süddeutsche Zeitung, Röseler revealed that BaFin aims to launch a survey of German banks located in offshore jurisdictions to ascertain exactly what the institutions are doing and with whom. BaFin is particularly interested in finding out about the offshore wealth management activities of German banks, Röseler explained.

Röseler conceded that BaFin has up to now received little evidence to suggest that German banks are violating their duty of care and acting illegally, pointing out that the supervisory authority has already examined the activities of German institutions in tax havens in the last few years. Röseler nevertheless underlined the need for a more systematic approach and for a more in-depth analysis of offshore business, to delve beyond the surface. Once the authority has completed the survey and obtained the necessary information, it will then decide whether or not to carry out further investigations, Röseler made clear.

There are reportedly 25 subsidiaries of German banks with banking licences in 22 offshore jurisdictions.

TAGS: compliance | tax | business | tax compliance | tax avoidance | interest | banking | offshore | Germany

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