Deutsche Bank Offices In Germany Raided By Police In Money Laundering Case

30 November, 2018, 10:00 | Author: Kevin Carter
  • Deutsche Bank

"Police officers and tax inspectors entered Deutsche Bank's headquarters in Frankfurt early Thursday morning and seized documents", NPR's Esme Nicholson reports from Berlin.

In August, Reuters reported that Deutsche Bank had uncovered further shortcomings in its ability to fully identify clients and the source of their wealth.

Police cars stand in the backyard of Deutsche Bank headquarters during the raid in Frankfurt.

Other banks have been fined as a result of information contained in the Panama Papers. According to prosecutors, Deutsche Bank is suspected of helping some 900 customers setup offshore shell companies in tax havens to "transfer money from criminal activities".

It is believed the probe involves the so-called Panama Papers, leaked documents pertaining to over 200,000 offshore dealings.

In 2009, after an internal investigation, Deutsche Bank admitted it had hired a detective agency to spy on people who were considered threatening for the bank - including a shareholder, a journalist, and a member of the public. More details will be communicated as soon as these become known.

Markus Meinzer, director of the Financial Secrecy Tax Justice Network, said the "raid is long overdue because the Panama Papers have amply illustrated how offshore law firms cooperated with banks in setting up structures with one single aim: to help clients hide their true identities".

Denmark's state prosecutor filed preliminary charges on Wednesday against Danske for alleged violations of the country's anti-money-laundering act in relation to its Estonian branch.

Deutsche Bank offices raided in connection with Panama Papers
Deutsche Bank offices searched under money laundering investigation

Shares in Deutsche Bank fell 2.75 to €8.36 by 1000 GMT, against a DAX blue-chip index up 0.6%.

Investor worries have mounted over its role as a correspondent bank in the multi-billion-dollar money-laundering scandal at Danske, and Germany's markets regulator has taken the unprecedented step of appointing a monitor to oversee the firm's efforts to improve money-laundering and terrorism-financing controls.

It is separate from another money laundering scandal surrounding Danske Bank, where Deutsche Bank is involved.

Citing people familiar with the matter, Bloomberg News had reported that Deutsche was the unnamed bank a Danske whistleblower said had handled nearly $150 billion of suspect transactions originating in the Danish firm's Estonian branch.

The probe, he said "goes through Deutsche Bank and all the Kushner shit".

What has Deutsche Bank said?

USA and British regulators fined the bank $630 million past year for allowing wealthy Russians to launder $10 billion in cash between 2012 and 2015.

Deutsche Bank has spent more than $18 billion paying fines and settling legal disputes since the start of 2008, according to company disclosures compiled by Bloomberg News.

More news: Trump on 26/11: USA stands with India, will never let terrorists win

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