German police raid Deutsche Bank in 'Panama Papers' graft probe

Deutsche Bank’s recently appointed CEO Christopher Sewing and its headquarters in Frankfurt

German authorities raided Deutsche Bank - including its Frankfurt headquarters - in a money-laundering probe.

Police and the public prosecutor's office raided Deutsche Bank's offices in Germany, including the head office at Taunusanlage in Frankfurt, the bank said.

The Panama Papers refer to a collection of documents leaked in 2016 from Mossack Fonseca, a Panama-based law firm that created shell companies to facilitate tax avoidance.

Investigators are probing the activities of two Deutsche Bank staff members who are alleged to have helped clients set up off-shore firms to launder money, the prosecutor's office said.

In 2016 alone, more than 900 customers were served by a Deutsche Bank subsidiary registered in the British Virgin Islands, generating a volume of €311m, the prosecutors allege.

A Deutsche spokesperson said: "We confirm that the police are now conducting an investigation at a number of our offices in Germany".

Other banks have been fined as a result of information contained in the Panama Papers.

TRT World's Ira Spitzer has more details from Berlin. It added, "We are cooperating fully with the authorities".

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.

Weaknesses in Deutsche Bank's controls that aim to prevent money laundering have caught the attention of regulators on both sides of the Atlantic.

NASA spacecraft InSight lands on Mars to dig deep
But the quick look at the surroundings showed a flat surface with few if any rocks - just what scientists were hoping for. Well, humanity's latest probe to the Martian surface isn't just interested in rocks and molecules.


It was fined more than $797 million by USA and United Kingdom authorities in January 2017 for allowing customers to transfer more than $13 billion out of Russian Federation in what regulators said was "highly suggestive of financial crime".

And now it seems more allegations have been put against the banks.

Denmark's state prosecutor on November 28 filed preliminary charges against Danske for alleged violations of the country's anti-money laundering act in relation to its Estonian branch.

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

"The failure to hold banks accountable for money laundering encourages such criminal activity, including laundering hundreds of millions of dollars in Panama and other money laundering havens", said Gurule, now a professor at Notre Dame Law School.

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.

German prosecutors found no evidence of criminal wrongdoing, and the bank's top-level executives were deemed not to have been involved in the scandal.

According to the report, numerous bank records have been seized as part of this raid.

What do you think about Deutsche Bank's new scandal?

Related News:



Most liked

9-Year-Old Writes Steph Curry Over Girls Sneakers, Curry Replies
Draymond Green (right toe), Alfonzo McKinnie (left foot) and DeMarcus Cousins (left Achilles tendon) sat injured, too. Sure, Kevin Durant scored 51 points, but when Leonard was guarding him, he had to work for each bucket.

Microsoft has caught up to Apple in market valuation
Microsoft is one of the few technology companies that emerged relatively unscathed from the recent sell-off in tech stocks. When he took over in 2014 , Nadella said he wanted to focus on its subscription-based businesses and the cloud.

Sixers no longer listening to trade offers for McConnell
Here they go again - at this point, it seems like the Sixers should just move on from Fultz but it's not going to be that easy. The Sixers continue to expect that Fultz will return to the team and reclaim a role off the bench, sources said.

Storm Diana To Pelt Britain With Heavy Rain And 80mph Gales
Coastal flooding will be possible during these times as the severe winds and high seas associated with Storm Diana hit the country.

Dozens of migrants caught storming border in San Ysidro won't face charges
He says he's heard people talk of Rosarito, a beach town popular with U.S. tourists about a 40-minute drive south of Tijuana. Most were dispirited after the US agents fired tear gas on the group of migrants trying to cross into the USA on Sunday.

Nintendo Switch Sales Top the Wii's Over Thanksgiving Weekend
Nintendo Switch hardware sales grew 115 percent compared to the same period in 2017. Overall , it was an overwhelming sales season for Nintendo and its consumers.

Apple grilled on App Store pricing
But the suit said Apple collected the payments from iPhone users, keeping a 30 percent commission on each transaction. Apple has denied it engaged in anti-competitive behaviour, saying the prices for apps were set by app developers.

Manchester United v Young Boys
Recently crowned Sweden's player of the year, the improving 24-year-old has established himself as one of the first names on the team sheet.

Apple facing 10% increase in products price ahead of US-China summit
Japan's Nikkei managed to edge up 0.4 per cent, but MSCI's broadest index of Asia-Pacific shares outside Japan was all but flat. If Trump decides to impose additional tariffs, the hiked taxes would apply to a total of over $517 billion of Chinese goods.

Taiwan votes down same-sex marriage
EDITOR'S NOTE - Christopher Bodeen has covered politics in China and Taiwan for The Associated Press for more than two decades. There was a series of votes on Saturday, including local elections with caused the President of Taiwan to quit.

Saudi crown prince greeted by hundreds of protesters during Tunisia visit
In an apparent attempt to avoid embarrassing the prince, the presidency only invited photographers to cover his visit. Tunisia was a strong Saudi ally under Ben Ali but ties have since been strained at times.

Up to 145 whales die after mass stranding in New Zealand
A series of whale strandings occurred over the weekend in New Zealand, but the incidents are so far thought to be unrelated. DOC has notified Ngāi Tahu of the Mason Bay stranding and is working with the iwi on what to do next.

PM Narendra Modi Says Congress in Power During Mumbai Attacks
Indian politicians and officials routinely condemn Pakistan for not taking action against LeT leader Hafiz Saeed. An Indian comando rappels from a helicopter during an operation at Nariman House in Mumbai .

Tear Gas Deployed At California Border Crossing; Tensions Mounting
After the gas had cleared, Mexican federal police officers then pushed back the protesters from the area of the train crossing. After running to relative safety a few hundred feet away, hundreds of the caravan members held a sit-in.

General Motors to slash 14,700 jobs in United States and Canada
The plant is used to make the Cadillac XTS and Chevrolet Impala sedans as well as the Chevrolet Silverado and GMC Sierra trucks. She said the firm was making the changes "to get in front of it while the company is strong and while the economy is strong".