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Civil or criminal proceedings for serious fraud?
David Sleight
“Kingsley Napley LLP has carved out a niche in criminal tax investigations and litigation, drawing on broad expertise in corporate criminal defence to advise clients on the spectrum of tax fraud cases."
Legal 500 UK 2020
‘Cum-Ex’ is the description given to a method of trading certain types of shares around the dividend record date which allows more than one participant to claim a tax rebate in respect of the same dividend payment.
Prevalent in Germany but also other EU countries such as Denmark, Belgium, and France, the scheme has been the subject of much debate since the issue came to the attention of the mainstream media. The loss to the German tax authorities alone as a consequence of Cum-Ex trading is said to be in excess of €55 billion and the scale of this alleged loss and the cross-border nature of the trading chains means that there are now many regulatory and criminal investigations being undertaken across Europe. German prosecutors have charged numerous individuals with tax evasion and in March two former London-based investment bankers were convicted in the first ever criminal trial for Cum-Ex trading.
The UK’s Financial Conduct Authority (the FCA) has also confirmed that it is investigating a number of financial institutions and individuals over conduct in London’s financial markets which may have supported Cum-Ex trades executed in other EU countries.
How we can help
Kingsley Napley’s leading team of lawyers have advised on Cum-Ex cases and have extensive experience of complex financial services investigations and tax investigations spanning different jurisdictions. We are able to offer the breadth of knowledge that these cases require; an individual or business at risk of an investigation for involvement in Cum-Ex trading will need to consider any obligations to their regulators and if there is a need for an internal investigation as well as the risk of dawn raids on offices and homes, account freezing orders and even extradition proceedings. Please contact us if you would like more information on how we can assist.
What clients and directories have said about us
Deep bench of experienced lawyers with an approachable style.”
Legal 500 UK 2021
Regarded as one of the best financial crime firms."
Chambers High Net Worth Guide 2020
They're one of the firms that is right at the top of the scale. They're very experienced in handling the big cases. They're extremely well resourced and I've never had anything other than a good experience with them."
Chambers UK 2020 – A Client’s Guide to the UK Legal Profession
Excellent white-collar crime and fraud firm covering all key UK regulators.”
Legal 500 UK 2021
A premier outfit for individuals under regulatory investigations."
Chambers UK 2021
The firm is well known as a blue-chip firm for white-collar crime that represent individuals investigated for tax fraud also.”
Legal 500 UK 2021
Bright and dedicated lawyers."
Chambers UK 2021
