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Incentivizing integrity in banks is more than just paying some fines

Three German banks Commerzbank, HypoVereinsbank and the state-owned HSH-Bank have just settled with tax authorities in Nordrhein-Westfalen on illegal aid to tax evasion. The banks assisted clients in shifting their funds from Luxembourg to Panama to put the money out of reach of German tax authorities. While the settlements partially provide for 8-digit fines, they […]

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