What is cum-ex trading and what is Ireland’s role in it?

Background: Several banks in Ireland used in massive European tax fraud scheme

The Dublin offices of two large international banks, Investec and BNP Paribas, were used by those perpetrating the scheme in cum-ex trades

The Dublin offices of two large international banks, Investec and BNP Paribas, were used by those perpetrating the scheme in cum-ex trades

At around 1pm on a Tuesday in early February 2010, two men working for a hedge fund sat down for a meeting in an upmarket office building on Harcourt Street in Dublin’s city centre.

The pair had flown to Ireland that afternoon to meet with staff in the Dublin office of Investec, a South African bank specialising in asset and wealth management.

The Irish Times
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