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Deutsche Bank to pay £360m fine for abetting tax evasion

Bank admitted to giving tax shelter advice to rich customers between 2996 and 2002.

Deutsche Bank is set to pay £360m in fines to the US after it admitted to aiding wealthy people in the US evade taxes by giving them tax shelter advice between 1996 and 2002.

The fine includes the taxes and the interest that the Internal Revenue Service (IRS) could not collect from the bank's customers and a civil penalty worth over $149m.

Under a non prosecution agreement, Deutsche Bank will be required to continue cooperation and allow for an external expert to monitor that it does not aid in tax evasion again.

"Since 2002, the bank has significantly strengthened its policies and procedures as part of an ongoing effort to ensure strict adherence to the law and the highest standards of ethical conduct," said the lender in a statement.

The bank added that it was "pleased that this investigation, which concerned transactions that ceased more than eight years ago,has come to a resolution," Deutsche said that it has set aside a fund to cover the settlement, and it would not affect its net income
The settlement is part of a larger probe by the American authorities into the tax-shelter solutions which were sold by accounting group KPMG to rich Americans two decades ago.