Swiss Bank Migros to Pay Germany €2.4M Over Tax Evasion

Law360, London (April 27, 2021, 4:48 PM BST) -- Swiss bank Migros has agreed to pay German authorities €2.4 million ($2.9 million) to settle allegations that it held untaxed assets from local customers, the bank said Monday.

Migros Bank AG said it has agreed to make the one-off payment to German authorities in response to allegations that the bank helped local customers use its accounts to evade tax on certain assets.

"Migros Bank reached an amicable agreement with the German judicial authorities on previously untaxed assets from German customers," the bank said. "Migros Bank is thus one of various banking institutions that is cleaning up ... cross-border business with Germany."...

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