The U.S. Justice Department fined Deutsche Bank $553 million Tuesday for helping 2,100 of its clients claim $29.3 billion in illegitimate tax benefits with the Internal Revenue Service. The penalty, which came as part of a non-prosecution agreement, stems from the Frankfurt-based bank's implementation of tax shelter programs designed by KPMG LLP and other consultancies that were intended to give the appearance of revenue losses when in fact most of the money sat in offshore investments. The scheme, which used loans, debt restructuring and offshore securities vehicles, contributed to $5.9 billion in lost individual and capital gains tax revenue for...
Regulators from the United States should directly consult with German counterparts about fines they plan to impose on German banks, an anti-money laundering supervisor at Germany's financial watchdog said.
Germany's BaFin is reportedly investigating potential AML violations by Deutsche Bank, a U.K. court could order the British government to pay millions to compensate a blacklisted Iranian bank, and more, in this midweek roundup.
The U.S. Justice Department seized nearly $7 million believed to be the laundered proceeds of an Internet gambling operation, an ex-Wells Fargo investment banker and two others raked in $11 million in an insider trading scheme, and more, in the weekly roundup.
In a letter sent to SEC Chairman Christopher Cox on Thursday, Frank, chairman of the House Financial Services Committee, said the list unfairly includes companies that have divested, or have negligible business dealings, in these countries.