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Hartmut T. Renz and Martin Weger on the Law on Combating Tax Offenses in the Banking Sector…

August 2014

Counsel Hartmut Renz and Partner Martin Weger published an editorial on “The Law on Combating Tax Offenses in the Banking Sector” in Compliance Berater. Renz and Weger discussed the initiative of the legislator to take action against institutions where there has allegedly been a variety of tax offenses, noting that it is remarkable that the BaFin should be granted such extensive opportunities, such as to request the closing of a delimitable part of an institution or the removal of the responsible person at an institution. Both authors point out that, as a result of the BaFin-circular letter 1/2014 (GW) of 15.03.2014, banks are obligated to report on suspicions of money laundering or any suspicious transaction reporting if there are indications that the customer has or intends to voluntarily disclose the information.

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