German Regulator to Examine Banks’ Business in Tax Havens

Germany’s finance industry regulator Bafin will examine the businesses that banks conduct offshore as part of efforts to crack down on tax evasion.

Companies will have to say why they operate in so-called tax havens and who they work with, Raimund Roeseler, head of banking supervision at Bafin, said in an interview in newspaper Sueddeutsche Zeitung. Sven Gebauer, a spokesman for Bonn-based Bafin, confirmed the comments.