The new CumEx Files investigation reveals that the tax damage is significantly greater than previously thought: €150 billion. This is how we estimated the sum of the massive fraud.

The CumEx Files, an investigation led by CORRECTIV, revealed €55bn in international tax fraud. After publication, the EU Parliament demanded that the European Banking Authority investigate how the so-called dividend arbitrage trades had been possible and what supervisors and regulators had done to prevent them. Now the EBA has released its report and action plan.