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Germany: Schauble promises to intensify scrutiny of German banks01:10

Germany: Schauble promises to intensify scrutiny of German banks

Germany, Berlin
April 11, 2016 at 08:46 GMT +00:00 · Published

German Finance Minister Wolfgang Schauble said that "many developments that were at fault" in German banks, but they "have already been adjusted" before the ‘Panama Papers’ were released, speaking at the Finance Ministry in Berlin, Monday.

The minister added that "thanks to the networking of an international register and automatic information exchange we can substantially reduce the elbowroom for such excessive, abusive models. Much has already been done in this domain, but will be intensified now."

It was revealed last week, that the German Federal Printing Office (Bundesdruckerei) was mentioned in the ‘Panama Papers.’ It is said to have had offshore Panama deals intended for the production of Venezuelan passports in Cuba during 2007, an action which was then under embargo. The German Finance Ministry has denied the allegations.

Germany: Schauble promises to intensify scrutiny of German banks01:10
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German Finance Minister Wolfgang Schauble said that "many developments that were at fault" in German banks, but they "have already been adjusted" before the ‘Panama Papers’ were released, speaking at the Finance Ministry in Berlin, Monday.

The minister added that "thanks to the networking of an international register and automatic information exchange we can substantially reduce the elbowroom for such excessive, abusive models. Much has already been done in this domain, but will be intensified now."

It was revealed last week, that the German Federal Printing Office (Bundesdruckerei) was mentioned in the ‘Panama Papers.’ It is said to have had offshore Panama deals intended for the production of Venezuelan passports in Cuba during 2007, an action which was then under embargo. The German Finance Ministry has denied the allegations.

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