ZeroHedge
By Tyler Durden – August 31, 2022
German lawmakers have called it the “greatest tax heist” in history: the loophole in the tax law of Germany, Denmark, and the UK to pocket hundreds of millions of euros, if not billions, via a trading strategy known as “Cum-Ex” – or “With-Without.”
In the past, we have noted Deutsche Bank, Morgan Stanley, Barclays Plc, and Bank of America Corp.’s Merrill Lynch’s Frankfurt offices were raided as part of a money laundering probe.
This week, JPMorgan Chase & Co.’s Frankfurt office was raided as part of a widening Cum-Ex scandal centered on cross-border tax fraud.