World Dubious share deals: Public prosecutors suing Mainz bankers in a big money laundering scandal

11:46  12 august  2020
11:46  12 august  2020 Source:   handelsblatt.com

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The Danske Bank money laundering scandal arose in 2017-2018 around €200 billion of suspicious transactions that flowed from Estonian, Russian, Latvian and other sources through the Estonia-based bank branch of Denmark-based Danske Bank from 2007 to 2015.

Scale of fiasco highlights need for stricter regulation and cross-border force in Europe.

Das Geldhaus sitzt in den Bonifaziustürmen in Mainz. © Thomas Kohler The money house is located in the bonifacious towers in Mainz.

The Koblenz Public Prosecutor has brought charges against two former managing directors and four other managers. It's about 160 million euros.

The North Channel Bank in Mainz is only known to connoisseurs. However, the small institute made headlines in connection with dubious stock deals at the expense of the general public. North Channel was evidently part of an internationally operating financial gang, which with its deals mainly damaged Denmark and Belgium to a large extent.

The case now has criminal consequences: the Koblenz public prosecutor brought charges against two former managing directors and four other - partly former - employees of the bank. The two main suspects have been in custody for several months. The proceedings against another employee of the bank were separated for health reasons.

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Money laundering is the illegal process of concealing the origins of money obtained illegally by passing it through a complex sequence of banking transfers or commercial transactions. The overall scheme of this process returns the "clean" money to the launderer in an obscure and indirect way.

Deutsche alerted Germany's money laundering data authorityand state prosecutors in February to more than one millionsuspect money transfers Frankfurt prosecutors have also questioned Sylvie MatheratDeutsche's former top official in charge of anti- moneylaundering and the highest ranking of

The investigating authority did not give the name of the institute, but according to information from the Handelsblatt it is the North Channel Bank.

The Mainz bank is said to have helped to disguise the origin of criminal funds totaling around 160 million euros. The starting point of the proceedings was investigations by Danish and Belgian law enforcement authorities against an allegedly international group of perpetrators on suspicion of tax fraud involving tax groups and businesses.

It's about a scam that is very similar to the cum-ex stores in Germany. The parties involved aimed to have capital gains taxes "refunded" that had never been paid before. Denmark in particular has been badly damaged, and the tax authorities are said to have lost billions of euros. The scandal is considered the largest tax fraud case in the country's history.

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As money laundering is a consequence of almost all profit generating crime, it can occur practically anywhere in the world. Generally, money launderers tend to seek out countries or sectors in which there is a low risk of detection due to weak or ineffective anti- money laundering programmes.

From these acts, should ultimately benefit US pension funds , behind which the investors stood. North Channel Bank was among the institutions that allegedly issued pension funds tax certificates for credits. Around 300 such funds submitted such certificates between 2012 and 2015. The North Channel Bank used 27 funds for such transactions.

Origin of the funds concealed

“The accused of the preliminary proceedings in Denmark are accused of having primarily deceived the Danish tax authorities,” said the Koblenz public prosecutor. It was believed that they had bought Danish shares and received dividends on the reporting date, from which the Danish tax authorities had withheld a withholding tax. In fact, the share deals were not over. Therefore, no dividend was paid and no withholding tax was paid.

The accused in Denmark had lied to the Danish tax authorities. They claimed that the owners of the shares were US companies that were already taxed in the USA . In Denmark there would therefore be a right to a refund of the withholding tax allegedly paid.

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Money laundering can be either a relatively simple process, undertaken at the local or national level, or a highly sophisticated one that exploits the international financial system and involves numerous financial intermediaries in a variety of jurisdictions.

Big Data. Earlier this year, 10 people located around the United States were arrested and charged in an organized money laundering scheme as they were attempting to wash the cash that they It’s not just the money that hurts in these types of schemes — typically the victim has formed an emotional

“The Danish tax authorities suffered damage from the tax refunds made in accordance with the application in the years between 2012 and 2015, which amounts to a small single-digit billion amount in euros,” said a spokesman for the authorities. According to the content of the indictment, the former managing directors and employees of this Mainz bank did not make any suspicion of money laundering in the period between February 2015 and May 2017 with knowledge of the described crime plan. The origin of the funds has been concealed.

The public prosecutor's office assesses the actions of the accused as jointly committed gang and commercial money laundering . A date for the main hearing has not yet been set. First of all, the accused are given a fair hearing in the interim proceedings, then the Mainz Regional Court decides on the opening of the main proceedings.

The North Channel Bank itself has now distanced itself from what was happening. Personnel the bank has repositioned itself. The institute reached an agreement with the Danish judiciary around a year ago. The Mainz team paid almost 15 million euros.

More: Where there is a hitch in dealing with the historical tax fraud of the Cum-Ex brand in Germany

No further corona cases at Mainz 05 .
A player from FSV Mainz 05 will test positive for the corona virus on Wednesday. Fortunately, the following tests are negative. © Imago At Mainz 05 there was a corona case At the Bundesliga club FSV Mainz 05 there is no further corona case. When a professional was found positive, all other results of the following test were negative. A player not named had tested positive for COVID-19 before the test match on Wednesday against promoted VfB Stuttgart.

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