Police Raid Deutsche Bank on Money Laundering Charges

Police Raid Deutsche Bank on Money Laundering Charges”

Frankfurt prosecutors said they were investigating allegations that Germany's biggest lender helped clients set up offshore companies in tax havens to "transfer money from criminal activities" to Deutsche Bank accounts.

The bank confirmed that police were searching its officers and said they were cooperating with the authorities.

The Panama Papers are a trove of documents from a law firm that handled shell companies for thousands of the rich and powerful around the world.

Prosecutors are probing 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 skirt anti money laundering safeguards.

Six Deutsche Bank branches were searched Thursday in a money-laundering investigation linked to the 2016 Panama Papers data leak.

In 2017, Deutsche already had to pay a fine of nearly $630 million after an investigation by British and American authorities into laundering of money originating in Russian Federation.

It's been a tough few weeks for Deutsche after reports that its head of the Americas, Tom Patrick, would leave the bank by year-end alongside a raft of other senior management changes.

Deutsche shares fell 3% after news of the raid emerged. "As far as we are concerned, we have already provided the authorities with all the relevant information regarding Panama Papers".

In 2016 alone, over 900 customers were served by a Deutsche Bank subsidiary registered on the British Virgin Islands, generating a volume of 311 million euros, the prosecutors said.

Prosecutors have accused two of the bank's staff of helping to launder money obtained through criminal activity.

A Deutsche Bank executive director has said the lender played only a secondary role as a so-called correspondent bank to Danske Bank.

Paperwork and electronic documents were seized by officials during the raids on the bank's properties.

It also appointed an independent auditor to monitor Deutsche Bank's efforts over three years.

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.

In April, John Cryan was replaced by Christian Sewing as CEO.

Deutsche Bank has been under pressure after annual losses, and it agreed to pay a $7.2 billion settlement with US authorities previous year over its sale of toxic mortgage securities in the run-up to the 2008 financial crisis.

Like this



29 November 2018
Microsoft snags $480m US Army hardware contract - Audio Visual
The new contract will continue Microsoft's relationship with the Department of Defense. While we gave the upper hand to Magic Leap , Microsoft ended up winning the contract.

29 November 2018
North Carolina fires coach Larry Fedora
According to multiple reports , former Texas Longhorns coach Mack Brown is the front-runner and next head coach of the Tar Heels. UNC is now 2-9 on the season, while the Wolfpack moved to 8-3 with its third straight win over the Tar Heels.

29 November 2018
Villa owned by ‘friend’ of Crown Prince searched in Khashoggi case
After initially saying he had left the consulate alive, the Saudi administration admitted weeks later that he was killed there. The Istanbul public prosecutor in charge of the investigation said on Monday that one of the Saudi suspects, Mansour Othman M.

29 November 2018
Gardner stars as Australia crush England in World T20 final
Offspinner Gardner (3-22) claimed both Wyatt and England captain Heather Knight , who made 25 off 28 balls while trying to anchor a faltering innings.

29 November 2018
Mississippi's ugly past casts long shadow on Senate election
They say surveys have consistently shown her with a lead ranging from the mid-single digits to the low double digits. Whoever wins the election will fill the last two years of Cochran's term, and then have to run again in 2020.

29 November 2018
Ronan O'Gara keen to assist Andy Farrell in Ireland role
First and foremost, Farrell's success as a coach comes from the respect he demands from his players. As for England missing out on a brilliant homegrown coach, I am nearly filled with despair.

29 November 2018
Saudi Arabia pumps record amount of oil as Trump piles on pressure
Saudi Energy Minister Khalid al Falih on Thursday said the kingdom's output this month would of 10.6 million barrels per day. The question for many investors and traders is whether a bottom has been reached or if it is still a falling knife.

29 November 2018
Leaders of all parties demand involvement in Brexit debate on PM's deal
He said the prime minister needed a "plan B" involving a permanent customs arrangement and stronger employment and environmental protections.

29 November 2018
Cavaliers reportedly trade Kyle Korver to Utah Jazz
Korver, 37, is averaging 6.8 points on 46.1 shooting from the field and 46.3 from beyond the arc in 15.7 minutes per game. Almost 11 years after he was first traded to Utah, the Cleveland Cavaliers have chose to send Korver back out west.

29 November 2018
Porsche 911 S and 4S: The All-New 992-Generation Is Here
Agility and stability should be improved thanks to the use of more aluminium in the rear section, which aids weight distribution. There are also new retractable door handles that sit flush with the body for improved aerodynamic efficiency when not in use.