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Another tax haven leaks – Leak at Cayman National Bank

Deutsche Version

While it had been very quiet for a long time to uncover possible tax savings models in former tax havens, this week the bad news for investors in these tax havens is piling up.

According to a report in the Süddeutsche Zeitung Online on December 3, 2019, the Federal Criminal Police Office is currently securing Cayman National Bank data and hopes to find German taxpayers who have hitherto kept accounts or letterbox companies about the bank on the Isle of Man secret from the tax authorities. According to initial press research, the Cayman Nation Bank maintained close ties with Mossack Fonseca, the firm that became known during the Panama Papers, and other offshore service providers whose names were associated with the Paradise Papers. Tax evasion threatens the discovery of the offence. Searches can take place in advance to find further documents.

A tax self-denunciation exempt from punishment can still be possible, if no comparison with the tax data at the responsible tax office has taken place yet. Even if the tax evasion is already discovered, a self-denunciation can still work punishing mitigating. Therefore it means to act now and to consider the next steps well. The Ecovis experts in criminal tax law will be happy to assist you.

Rechtsanwältin in Würzburg und München, Dr. Janika Sievert
Dr. Janika Sievert
Rechtsanwältin in Würzburg und München, Fachanwältin für Strafrecht und Steuerrecht
Steuerstrafrecht und Wirtschaftsstrafrecht, Medizinstrafrecht
Tel.: +49 931-352 87 52