KYC 360 on 4th December reported that MEPs have called for an inquiry to examine various aspects of the cum-ex multibillion-euro tax fraud scheme, which has hit Germany and possibly several other European countries.  The lawmakers want the probe to establish the ‘real actors’ behind the scam, whether there were breaches of national laws and the actions undertaken by supervisors.  The cum-ex tax fraud — also dubbed cu-mex — was initially uncovered in 2012 and thought to have impacted only Germany but is now estimated to have hit the coffers of many other EU countries, including Switzerland, France, Spain, Italy, Belgium, the Netherlands, Denmark, Austria, Finland, Poland, Czech Republic and Norway.  The fraud revolved around banks facilitating the buying and then reselling of shares belonging to foreign investors on the dividend pay-out day.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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