German prosecutors and tax authorities are investigating clients of Leumi as part of a probe into the bank’s alleged role in helping their wealthy clients hide money from German tax authorities through undeclared bank accounts, a German magazine reported.
Leumi said that German prosecutors are investigating bank customers that allegedly did not report to the German tax authority regarding accounts held with banks outside Germany through a Swiss branch of the Israeli bank.
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The magazine reported that the probe is based on a data CD, which the State of North Rhine-Westphalia bought in late 2013 from a foreign whistle-blower.
According to the report, many wealthy people including one holding 80 million or US$110 million in assets are being targeted in the probe.
However, the Swiss officials have accused the Germans for breaking Swiss laws on banking secrecy and for executing economic espionage.
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By GlobalData
