German Banking Association Searched in Cum-Ex Tax Probe (1)

Prosecutors, tax investigators and police have searched offices of Germany’s BDB banking association in Berlin and Frankfurt as part of the long-running probes into the nation’s Cum-Ex scandal.

The BDB confirmed that the search took place Tuesday and said that it is not itself under investigation. The Sueddeutsche Zeitung reported earlier that authorities suspect that efforts were made through the lobby group to influence government legislation and keep loopholes open to facilitate tax evasion. The paper didn’t identify the source of its information.

“It is correct that the Cologne prosecutors are investigating in our offices in Berlin and Frankfurt in ...