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Deutsche Bank makes $550mn deal in tax case

FRANKFURT/ ZURICH: Deutsche Bank’s US tax fraud settlement has heightened expectations of more deals being struck as American authorities target overseas banks in a crackdown on taxdodgers.
US prosecutors are pushing ahead with more probes, emboldened after top Swiss wealth manager UBS had to hand over the details of 4,450 clients.
Leads from that case have helped investigators look at banks in Asia and the Middle East, while clients from HSBC have also been under scrutiny, lawyers have said.
“This is the end of the matter for Deutsche Bank, but this is just the second front in the same war,” former US Justice Department prosecutor Michael Weinstein said. “The US government is going worldwide to repatriate as much money as possible and they will aggressively go after all money in all corners of the world to do so.” However, there was relief that Deutsche Bank’s $553.6 million settlement would not hit earnings and is unlikely to have a lasting impact, analysts and tax experts said. Deutsche Bank’s shares slipped 0.35 per cent.-Reuters


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