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More Banks in Crosshairs as Denmark's Tax Probe Is Set to Grow

  • Swiss tax agreement created loophole targeted by Danish banks
  • Danish political agenda has shifted to focus on banker crimes
The old stock exchange building, left, and Christiansborg Palace sit on the city skyline seen from the headquarters of the Danish central bank in Copenhagen.

The old stock exchange building, left, and Christiansborg Palace sit on the city skyline seen from the headquarters of the Danish central bank in Copenhagen.

Photographer: Carsten Snejbjerg/Bloomberg

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Denmark is trying to find out just how many banks were involved in suspicious stock trades executed for the sole purpose of getting a tax rebate.

The transactions in question started more than a decade ago, after Denmark and Switzerland made it possible to claim back taxes on dividends through a revised double-taxation accord between the two countries.