German police raid Deutsche Bank in 'Panama Papers' probe

30 November, 2018, 10:00 | Author: Corey Lynch
  • Deutsche Bank

FRANKFURT-Around 170 police officers, prosecutors, and tax inspectors searched six Deutsche Bank offices in and around Frankfurt on November 29 over money laundering allegations, the Frankfurt public prosecutor's office said in a statement.

In total, 170 prosecutors, police officers, and tax inspectors took part in the raid, according to a statement from the prosecutor's office in Frankfurt, Germany. The raids were conducted on the suspicion bank employees helped clients set up offshore companies in tax havens to launder hundreds of millions of euros, in an investigation brought about from an analysis of online document leaks.

"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", Deutsche Bank said, adding it believed it had already provided all the relevant information related to the "Panama Papers".

And in 2017, the bank was fined almost $700 million for allowing money laundering.

According to prosecutors, Deutsche Bank is suspected of aiding some 900 customers in setting up offshore companies in tax havens.

"Even in the most egregious cases, banks are often only required to pay a monetary penalty for engaging in criminal activity, which is merely the cost of doing business", said Jimmy Gurule, a former undersecretary for enforcement for the U.S. Treasury Department. Two employees and several "unidentified people in positions of authority" are suspected of failing to report the laundering of more than $350 million which were kept by the bank in accounts located in the British Virgin Islands.

In an emailed statement, Deutsche Bank confirmed that police are investigating at several German locations in relation to Panama Papers, and said it is fully cooperating with authorities.

The investigation relates to the Panama Papers.

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

Deutsche Bank has played a central role in real estate development financing in the USA over the last several years - particularly in NY - but it's found itself in hot water recently.

Scrutiny surrounding Deutsche Bank, one of New York's top real estate lenders, has just intensified.

"These flaws allowed a corrupt group of bank traders and offshore entities to improperly and covertly transfer more than $10 billion out of Russian Federation", the regulators said.

The Danish bank said many of those payments were suspicious.

Deutsche Bank has also come under scrutiny over its activities as a correspondent for scandal-plagued Danske Bank, Denmark's largest lender.

And it's not the first time Deutsche Bank has run into trouble over the flow of dirty money.

Deutsche Bank is in the throes of a major restructuring plan, with 7,000 jobs to go by the end of 2019.




Recommended:

  • Warriors star Stephen Curry to return from 11-game absence Saturday

    Warriors star Stephen Curry to return from 11-game absence Saturday

    Golden State coach Steve Kerr leaped to his feet in need of a timeout to reset his Warriors just five minutes into the game. Through the first frame, Kawhi Leonard had a game-high 13 points and Pascal Siakam was not far behind with 10 points.
    North, South Korea win heritage status with joint wrestling bid: UNESCO

    North, South Korea win heritage status with joint wrestling bid: UNESCO

    It has joined the two Koreas at the Pyeongchang Winter Olympics and the Asian Games in Jakarta and Palembang (Indonesia). Seoul said the survey was purely aimed at gathering information on the current state of the North's rail system.
    Liverpool boss Jurgen Klopp left fuming with referee after PSG loss

    Liverpool boss Jurgen Klopp left fuming with referee after PSG loss

    PSG defended brilliantly in the second-half to hold onto the win, and here is how we rated Liverpool's players after the match... How many yellow cards did we have? "It is in our hands, and I don't think you can ask for more".
  • GOP US Sen. Hyde-Smith wins divisive runoff, keeps her seat

    GOP US Sen. Hyde-Smith wins divisive runoff, keeps her seat

    Hyde-Smith remarked that she would go to a "public hanging," a comment she said was made in jest and eventually apologized for. The discovery comes just before Tuesday's runoff election between Democrat Mike Espy , who is black, and Republican Sen.
    Nintendo Cyber Monday, Nintendo Switch Deal Offers eShop Credit

    Nintendo Cyber Monday, Nintendo Switch Deal Offers eShop Credit

    Figures for all console and game sales covering the season, which will be reported in January, should prove interesting. Luckily, Amazon is giving us a chance to pick up the Xbox One X with a steep $100 discount for Cyber Monday .
    Became known why Prince Harry will live with the mother

    Became known why Prince Harry will live with the mother

    Harry and Meghan's plans may have leaked, but it will still be some time before the couple moves to Frogmore Cottage . She usually lives there for a month over Easter and for a week in June, according to the Royal Family's website .
  • House Democrats pick Nancy Pelosi to lead them

    House Democrats pick Nancy Pelosi to lead them

    Joe Cunningham of SC and Abigail Spanberger of Virginia are among those who said they'd vote against Pelosi on the House floor. Nancy Pelosi is consolidating support as she mounts her unopposed campaign to be the next speaker of the House.
    Manchester United v Young Boys

    Manchester United v Young Boys

    I would invite that people to sit on the bench as managers. "He's the type of coach where he would be honest with you and tell you how it is".
    ‘We Will Close the Border Permanently if Need Be’

    ‘We Will Close the Border Permanently if Need Be’

    Junior, a migrant from Honduras, waves the American flag while standing with other migrants at the US-Mexico border fence. Some attempted to enter through San Ysidro, Secretary of Homeland Security Kirstjen Nielsen said in a statement.
  • Melania Trump defends controversial White House holiday decorations

    Melania Trump defends controversial White House holiday decorations

    It's not the first time Stephen King's horror hotel movie has been mentioned in connection with the first lady's holiday tastes. Trump said the decorations chosen for "the people's house" "look fantastic" and "even more beautiful" in person.
    Kyrie Irving says the Boston Celtics are nearly  at 'rock bottom'

    Kyrie Irving says the Boston Celtics are nearly at 'rock bottom'

    But Ainge insists he is willing to stick with Boston's current roster to see if they can get out of their current sticky patch. Kyrie Irving swished a straightaway three-pointer with just under four minutes remaining, giving Boston a 110-100 lead.
    Northern California Camp Fire Contained

    Northern California Camp Fire Contained

    The Butte County Sheriff-Coroner's website as of Monday listed almost 300 individuals still unaccounted for. The office also said the death toll rose to 85 on Saturday after three more bodies were found on the day.


Popular

Stormy end to month as Diana arrives with 70mph gales
The Iceland Met Office has issued a yellow weather warning for most parts of Iceland for tomorrow and until midnight on Thursday. He said: "We have a yellow warning for wind in the west of the United Kingdom for today and tomorrow.

US Supreme Court to hear class action against Apple in early Dec
Apple appealed that decision to the Supreme Court, who today heard the arguments (PDF) as it decides whether to hear the case. The Supreme Court is considering whether Apple's App Store is a monopoly and if consumers can sue the company over it.

PM Imran Inaugurated Ground-breaking of Kartarpur corridor
Imran Khan said that there have been "mistakes on both sides" and asserted that the two sides should not live in the past. Punjab Minister Navjot Singh Sidhu and Union Minister Harsimrat Kaur Badal are representing India at the ceremony.

China welcomes defeat of Taiwan's ruling DPP in local elections
China has sought to isolate Tsai over her refusal to endorse its "one China" principle that designates Taiwan as a part of China. With pressure from Beijing at play in the vote result, analysts say Tsai will need to recalibrate her policy.

Essebsi: Saudi founding King Abdulaziz contributed to Tunisia's current policies
A banner showing a doctored image of the prince holding a bone saw hung on the headquarters of the Tunisian journalists union. They chanted "the murderer is not welcome in Tunisia" and "Shame on Tunisia's rulers" for receiving the prince.

Ohio State Climbs To No. 6 In Latest AP Poll
Ohio State and Oklahoma were able to find out who was better on the field in each of the past two seasons. It all comes down to championship weekend as the conference title games are played.

Trump Says He Told GM They Should 'Make A Better Car'
Signage is displayed on a pedestrian bridge near the General Motors Co. "They better put something else in", Trump said. The reduction includes 8,100 white-collar workers, some of whom will take buyouts and others who will be laid off.

Mueller says Manafort violated plea agreement by lying to investigators
Mueller's joint status report noted that both sides called for a sentencing date to be set without delay . Trump has repeatedly denied collusion of any kind.

USA reward for word about Mumbai suspects
Meanwhile, France, Israel and the United Kingdom took a similar stand, condemning the Mumbai terror attack. Israel stands in solidarity with India against terrorism and in memory of its victims.

Donald Trump Threatens to Close US Border With Mexico "Permanently"
It was not immediately clear whether those throwing objects at United States agents were part of the caravan , MSNBC reported . He said he understands that the migrants want to be part of the United States, "but there's a legal way to do it".