Author: Azizur Rahman 5 October 2020
The response of enforcement agencies to Cum-Ex was analysed in depth during Rahman Ravelli’s online event examining the rapidly-developing, Europe-wide tax investigation.
The webinar, titled “The Cum-Ex Files: Taking a close look at all aspects of Europe’s biggest-ever tax investigation’’, was held on September 30.
Members of the international webinar panel discussed actions that have been taken across Europe so far and what steps could be taken by the UK’s Serious Fraud Office (SFO) and Financial Conduct Authority (FCA). While the SFO has not given any indication so far that it is investigating Cum-Ex, the FCA has already said it has been working with its European counterparts and is contemplating action.
The webinar panel was made up of those with relevant expertise and experience and examined all the issues relating to Cum-Ex, including its origins, the likely size and nature of the investigations and who may come under investigation. It also considered how best to prepare for any possible investigation and what the most appropriate responses are in such circumstances.
The panel was chaired by former FLA chair Mark Fenhalls QC. Speakers included Rahman Ravelli legal director Syed Rahman; Howard Fischer, partner at New York-based law firm Moses & Singer LLP and former SEC senior counsel; Andreas Pollak, partner at Vienna’s petsche pollak and a former economic crime and corruption prosecutor in Austria; and Dr Christian Pelz, a tax law and criminal investigations specialist of Munich-based Noerr LLP.
Panel members analysed the activities of the authorities across Europe to Cum-Ex. They also assessed the types of offences that agencies in Germany and Austria are considering in the wake of Bonn Regional Court’s judgement earlier this year that Cum-Ex can be classed as tax evasion - and not legitimate use of a tax loophole.
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.