Author: Syedur Rahman 15 December 2021
The past year’s Cum-Ex events were the subject of an article written by Syed Rahman
His article, “2021: Developments in Cum-Ex’’, assessed what has happened in Germany and the UK and the approach being adopted elsewhere in Europe and in the US in relation to the controversial share-selling practice. The piece was published by ThoughtLeaders4 FIRE magazine.
Syed details how this year saw a German court confirm that Cum-Ex transactions were criminal tax evasion. A former MM Warburg bank executive was jailed in Germany for five and a half years after being charged with aggravated tax fraud in connection with Cum-Ex trading. This, Syed says, is an indicator of the hard line being taken by Germany regarding Cum-Ex.
He argues that a number of 2021 UK cases may have a heavy bearing on Cum-Ex investigations. These cases involved issues such as the European Arrest Warrant system, money laundering failings relating to Cum-Ex and civil action by the Danish tax authority as it looked to recoup Cum-Ex losses.
Syed details the EU Commission’s response to Cum-Ex. He says it is highly possible that Cum-Ex cases will be brought by the US Department of Justice or Securities and Exchange Commission, as law enforcement agencies have conducted a number of investigations involving issues relating to it.
Syed's article featured in the ThoughtLeaders4 FIRE Magazine.
Syedur Rahman is known for his in-depth experience of serious fraud, white-collar crime and serious crime cases, as well as his expertise in worldwide asset tracing and recovery, civil recovery, cryptocurrency and high-stakes commercial disputes.