Author: Azizur Rahman 6 April 2022
With the high-profile Cum-Ex trial of tax attorney Hanno Berger beginning in Bonn, Law360 asked Rahman Ravelli for their assessment of the German approach to financial crime.
Berger is on trial over his alleged involvement in the share-selling scandal that exploited a loophole in dividend payments, which led to governments paying out huge amounts in capital gains tax rebates.
Despite his prosecution, some commentators have said that German financial laws are not robust enough to prevent illegal activity. They have cited German failures to tackle money laundering and the activities of Russian oligarchs and argued that the country needs to take a tougher stance when it comes to enforcement.
Rahman Ravelli told Law360 that the German authorities are showing that they are taking financial crime seriously, as they are seeking to hold to account “the entire spectrum of actors’’ in the Cum-Ex scandal, including lawyers and tax advisers.
They warned that legal advisers and tax experts who had involvement in Cum-Ex will have to ensure they do not rely on the defence that they were only providing advice.
Rahman Ravelli's comments featured on Law360. (Subscription required)
Aziz Rahman is Senior Partner at Rahman Ravelli and its founder. His ability to coordinate national, international and multi-agency defences has led to success in some of the most significant corporate crime cases of this century and top rankings in international legal guides. He is recognised worldwide as one of the most capable legal experts regarding top-level, high-value commercial and financial disputes.