Tax raids across Germany sparked by Panama Papers, Offshore Leaks – ICIJ

Prosecutors, police and tax inspectors in Germany have raided the offices of dozens of banks, financial advisers and wealthy individuals as part of a criminal probe into Germans suspected of tax evasion.

According to the Frankfurt Public Prosecutor, authorities searched the homes of eight people in the towns of Bad Tölz, Erkrath, Hamburg, Konz, Simmerath, and Sylt.

Officials also visited 11 banks in Aachen, Bonn, Dusseldorf, Erding, Frankfurt, Cologne and Trier, and the offices of four tax consultants and six asset management companies.

Wealthy Germans allegedly used tax havens to hide capital gains from the Germany treasury and evade taxes, according to the prosecutor’s press release.

“The purpose of the search warrants is to gather evidence about untaxed income and to learn about the economic activity of the companies in tax havens,” the Public Prosecutor stated in a press release.