Deutsche Bank Searched Under Suspicion Of Laundering Hundreds Of Millions

Police officers walk in the backyard of Deutsche Bank headquarters during a raid in Frankfurt, Germany, Thursday, Nov. 29, 2018. (AP Photo/Michael Probst)
Start your day with TPM.
Sign up for the Morning Memo newsletter

BERLIN (AP) — German authorities searched the headquarters of Deutsche Bank in Frankfurt and other offices on Thursday 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.

Frankfurt prosecutors’ spokeswoman Nadja Niesen said the investigation was focused on two Deutsche Bank employees, aged 50 and 46, and possibly other not-yet identified suspects.

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.

The investigation was launched after evaluation of the explosive Panama Papers tax haven revelations and the previous Offshore Leaks report of offshore bank accounts, she said. The analysis “gave rise to suspicion that Deutsche Bank was helping clients set up so-called offshore companies in tax havens and the proceeds of crimes were transferred there from Deutsche Bank accounts” without the bank reporting it.

In 2016 alone, more than 900 customers are alleged to have transferred some 311 million euros to one such company set up in the British Virgin Islands, she said.

The suspects are accused of failing to report the suspicious transactions even though there was “sufficient evidence” to have been aware of it.

Deutsche Bank confirmed that authorities were “conducting an investigation at a number of our offices in Germany.”

“The investigation has to do with the Panama Papers case,” the bank said. “More details will be communicated as soon as these become known. We are cooperating fully with the authorities.”

Deutsche Bank shares slid sharply after the news broke, and were down 3.75 percent in midday trading in Frankfurt.

Latest World News

Notable Replies

  1. Deutsche Bank–>Justin Kennedy–>Trump Loans–>Anthony Kennedy Retirement🔜Mueller.

  2. Avatar for darcy darcy says:

    Damn, you’re reading my mind!

  3. Avatar for jtx jtx says:

    Now who was envolved with this suspicious activity?

  4. Wasn’t Deutsche Bank the last bank that was willing to loan money to Trump after he had been listed as not credit worthy by all others?

Continue the discussion at forums.talkingpointsmemo.com

37 more replies

Participants

Avatar for system1 Avatar for sedonaz Avatar for chigger Avatar for mondfledermaus Avatar for cervantes Avatar for mothermachree Avatar for chelsea530 Avatar for sickneffintired Avatar for ralph_vonholst Avatar for longtimeobserver Avatar for blugrass Avatar for darcy Avatar for clauscph Avatar for maricaibo Avatar for jtx Avatar for bankerpup Avatar for gusfabriani Avatar for tpr Avatar for socalista Avatar for edys Avatar for spacesaver Avatar for angrychickadee Avatar for dicktater Avatar for rogerhead

Continue Discussion
Masthead Masthead
Founder & Editor-in-Chief:
Executive Editor:
Managing Editor:
Deputy Editor:
Editor at Large:
General Counsel:
Publisher:
Head of Product:
Director of Technology:
Associate Publisher:
Front End Developer:
Senior Designer: