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German police have raided Deutsche Bank headquarters

02 December, 2018, 10:07 | Author: Melinda Barton
  • Panama Papers Probe Deutsche Bank Headquarters raided

German prosecutors raided several Deutsche Bank offices in the Frankfurt area Thursday over suspicions of money laundering based on revelations from the 2016 "Panama Papers" data leak. The investigation revolves around multiple Deutsche Bank employees, including two believed to still be working at the financial institution.

It focuses on the years from 2013 to 2018, a spokeswoman for the prosecutor's office said.

Deutsche Bank's Frankfurt headquarters and other offices were raided by German police on Thursday.

Records from the Panamanian law firm Mossack Fonseca were the the basis of the Panama Papers investigation and included more than 10m documents.

Several banks, including the Swedish lenders Nordea and Handelsbanken have already been fined by financial regulators for violating money laundering rules as a result of the Panama Papers.

Investigators are looking into the activities of two unnamed Deutsche Bank employees alleged to have helped clients set up offshore firms to launder money, the prosecutor's office said. It operates a large investment banking arm in London. Commerzbank reiterated a "hold" rating on shares of Deutsche Bank in a research report on Wednesday, October 24th.

"We know that Deutsche Bank is identified as one of the biggest money-laundering banks in the world perhaps, and that they're the only ones who were amenable to providing loans to this president".

Shares in Deutsche Bank were down 3.4 percent at 8.30 euros in the early afternoon, making them the worst performing stock on the DAX blue-chip index.

The revelations reportedly began with the 2016 Panama Papers, which detailed the then-secret, shady money dealings of worldwide financiers.

Same year, more money: after the Libor scandal fines, Deutsche Bank agreed to a hefty batch settlement with the United States financial authorities. More details will be communicated as soon as these become known. The corporation was also fined $700 million for allowing artificial trades in the UK, Russia, and the US.

Deutsche Bank has been sanctioned in the past for failing to tackle money laundering.

The investigation is separate from another money laundering scandal surrounding the Danish lender Danske Bank, where Deutsche Bank is involved.

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

Several other institutions besides Deutsche Bank have been fined by authorities in the USA and Europe for not properly checking up on the beneficial owners of shell companies that send money through their accounts.

Two years prior, Deutsche Bank had already been fined a record $2.5 billion dollars bv U.S. and British authorities for its role in an interest scam between 2003 and 2007.



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