Deutsche Bank offices raided in money laundering probe linked to Panama Papers
29 November, 2018, 22:13 | Author: Brooke Harris
Deutsche Bank is suspected of aiding some 900 customers in setting up offshore companies in tax havens, Frankfurtprosecutorssaid, according to Germany's media Deutsche Welle. Starting at 10 a.m. local time, officers descended on six buildings in Frankfurt, where Deutsche Bank has its headquarters, as well as premises - including at least one suspect's home - in nearby Eschborn and Gross-Umstadt.
The Panama Papers were a leak of millions of financial documents obtained from Panamanian law firm Mossack Fonseca which were leaked to the press in 2016. Of course, we will cooperate closely with the public prosecutor's office in Frankfurt, as it is in our interest as well to clarify the facts.
The analysis "gave rise to suspicion that Deutsche Bank was helping clients set up so-called offshore companies in tax havens and the proceeds of crimes were transferred there from Deutsche Bank accounts" without the bank reporting it.
Lawyers added that Deutsche Bank employees are alleged to have breached their duties by neglecting to report money laundering suspicions about clients and offshore companies involved in tax evasion schemes.
Deutsche Bank confirmed the search of its offices and said it was fully cooperating with the authorities.
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There was no indication that Thursday's raid was linked to that scandal, though Deutsche Bank says that it has since stopped providing dollar transactions in some countries, including Latvia.
As news broke Thursday morning that Deutsche Bank's German headquarters had been raided in Frankfurt over, numerous observers were quick to note the bank's deep ties to U.S. President Donald Trump.
Christian Sewing was appointed as chief executive in April to help the bank to rebuild.
The raids are the latest embarrassment for embattled Deutsche Bank, which has repeatedly been rapped by regulators for lax money laundering controls.
The investigation was launched after evaluation of the explosive Panama Papers tax haven revelations and the previous Offshore Leaks report of offshore bank accounts, she said.
In September, Germany's financial watchdog - BaFin - ordered Deutsche Bank to do more to prevent money laundering and 'terrorist financing, ' and appointed KPMG as third party to assess progress. He has also alleged that family members of Russian President Vladimir Putin and Russia's spy agency were using the bank for money laundering.
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