Thursday, November 29, 2018

Germany raids Deutsche Bank

About 170 police officers, prosecutors and tax inspectors searched six Deutsche Bank officers in and around Frankfurt, the public prosecutor’s office said. Investigators are looking into the activities of two Deutsche Bank employees who allegedly helped clients to set up offshore companies to launder money, it added.

  The Guardian
Hmmmmm. I wonder if they'll turn up any records on the Trump family's money laundering, since Deutsche was the only bank in the world that would do business with them for a period of time.
The prosecutor’s office said it had seized written and electronic business documents. Police cars were parked outside the headquarters of the bank, Germany’s biggest lender.

In a statement Deutsche Bank confirmed the raid. “The investigation has to do with the Panama Papers case. More details will be communicated as soon as these become known. We are cooperating fully with the authorities,” it said.

Records from the Panamanian law firm Mossack Fonseca were the the basis of the Panama Papers investigation and included more than 10m documents. The revelations caused protests in several countries and led to the resignation of several heads of state, including in Iceland and Pakistan.

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.


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

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.

Danske is under investigation for suspicious payments totalling €200bn from 2007 onwards and a source with direct knowledge of the case told Reuters that Deutsche Bank helped to process the bulk of the payments.

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