Deutsche Bank’s Frankfurt HQ searched in Panama Papers probe

Criminal police officers prosecutors and tax inspectors searched Deutsche Bank offices in and around Frankfurt

German authorities raided Deutsche Bank - including its Frankfurt headquarters - in a money-laundering probe. Some 170 prosecutors, state police, national police and tax investigators were involved in the morning searches of six buildings in Frankfurt, and in nearby Eschborn and Gross-Umstadt, Niesen said.

Prosecutors said they were looking at whether Deutsche Bank may have assisted clients to set up offshore companies in tax havens, so that funds transferred to accounts at Deutsche Bank could get around anti-money laundering safeguards.

TRT World's Ira Spitzer has more details from Berlin.

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.

Deutsche Bank shares fell as much as 4.7% on Xetra.

The raids are the latest embarrassment for embattled Deutsche Bank, which has repeatedly been rapped by regulators for lax money laundering controls. In the past, Deutsche Bank has acknowledged that its anti-money laundering efforts have fallen short of financial rules.

In recent years, Deutsche Bank has been in the news not only for its prominence in the Panama Papers, but also for its ties to President Trump, in a tumultuous relationship that goes back some 20 years.

‘It Was Just Not Cool!’ Liverpool Manager Jurgen Klopp Rages At Neymar
The France star crossed low for Cavani, whose attempt was saved by Alisson, but Neymar converted the rebound. France forward Griezmann doubled Atletico's advantage midway through the first half.

Bank officials say the company is cooperating with investigators.

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

"As banks in Germany manage roughly three trillion euros of interest yielding assets, the potential for abuse is enormous".

It was fined more than $797 million by US 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". "As far as we are concerned, we have already provided the authorities with all the relevant information regarding Panama Papers".

The suspects, both German citizens, are accused of failing to report the suspicious transactions even though there was "sufficient evidence" to have been aware of them. The bank has publicly said that it agreed it needed to improve its processes to properly identify clients.

Howard Wilkinson, the man who blew the whistle on a massive money laundering scheme through the Estonian branch of Denmark's Danske Bank, speaks during a hearing at the Danish parliament building Christiansborg Castle on Monday Nov. 19.

Still, the bank continues to lend out hundreds of millions of dollars to NY real estate developers.

Related News:



Most liked

Adam Schiff: Other Trump allies lied to Congress
His comments made clear that his communications with Trump about the project were much more frequent than he had suggested. In a statement provided to NPR Thursday afternoon, the president's lawyer didn't pull any punches when it came to Cohen.

Active shooter scare at Walter Reed was a drill, Pentagon says
But according to a report from Fox News , the "active shooter" situation was actually a drill. "People were scared and upset". But authorities had thought the threat was very real, despite the Navy saying on Twitter that it was just an "ad hoc drill ".

Google rolling out student pricing for YouTube Premium and Music Premium
But doing so also means shelling out $15 a month, though you do get the added perks of ad-free and offline viewing. But with two billion users across the globe, YouTube has a huge audience for ad-supported content.

Warriors: Stephen Curry To Resume Practice Tuesday, Could Play Against Toronto Raptors
Stephen Curry practiced today against the team's "film crew" and assistant coach Willie Green according to head coach Steve Kerr . Thompson backed Durant with 29 points, as Golden State's two All-Stars combined for 78 points while their teammates added 38.

May rebukes Trump, begins bid to sell Brexit deal
Mrs Foster added: "It is very offensive to raise this in terms of money". All five of the main Stormont parties held talks with Mrs May yesterday.

Terrorist Naveed Jatt who killed journalist Shujaat Bukhari gunned down by forces
Soon after his escape from the Srinagar hospital, he was spotted in south Kashmir along with the commanders of Hizbul Mujahideen. He allegedly emerged on CCTV footage, along with two other militants, escaping from the site of Bukhari's murder on a motorbike.

Paul Manafort breached plea deal by lying - Special Counsel Mueller
Giuliani, who last week called for an end to the Russian Federation probe, denied he was making a case for a pardon of Manafort. Renato Mariotti, a former federal prosecutor in Chicago, pointed out the "highly unusual" nature of such a claim.

Kevin Owens Issues WrestleMania Challenge To Elton John
Following Tuesday night's cancellation, it was revealed that Wednesday night's show, in Tampa, Florida , has also been axed.

Scientist Who Gene-Edited Babies Speaks at Conference, Addresses Controversial Research
The Crispr gene editing tool he claims to have used is not new to the scientific world, and was first discovered in 2012. The case has damaged China's worldwide reputation in the field, said the Chinese Union of Life Science Societies.

UEFA Europa League match FC Vorskla v. Arsenal FC relocated to Kyiv
But UEFA confirmed on Tuesday night that the fixture will now take place in Kiev due to security concerns. UEFA found the best decision to play and also with protecting everybody, us and them.

Melania Trump talks opioid crisis, social media at town hall
Bolling applauded the first lady for the "empathy and compassion" she has toward the issue of the opioid crisis. First Lady Melania Trump revealed this year's decorations earlier this week.

Lack of Khashoggi intelligence forges 'unusual alliance' in the Senate
Pompeo said based on all the intelligence he has seen, there is no direct evidence linking the crown prince to Khashoggi's death. So, some kind of response to that certainly would be in order, and we are discussing what the appropriate response should be.

2.0 first reviews: Rajinikanth and Akshay Kumar film is a blockbuster
It also requested that, "Exhibition of the movie be suspended until the determination of the instant complaint". The association claimed that the film is against public interest.

IPhone buyers could 'very easily' stand paying 10% more with China tariff
President Donald Trump is sending signals that the USA may impose more tariffs on China as he heads to the G-20 meeting in Argentina this week.

FDA lifts romaine lettuce ban
The agency on Monday said romaine recently harvested in Arizona, Florida, Mexico, and California's Imperial Valley is OK to eat. As the FDA chief, Scott Gottlieb, noted on November 22 on Twitter , there's now no way to know where romaine was picked.