Wednesday, 19 December, 2018

Frankfurt prosecutor says Deutsche Bank raid continues for second day

German authorities suspect that Deutsche Bank employees helped clients set up offshore companies in tax havens to launder hundreds of millions of euros Deutsche Bank offices raided in connection with Panama Papers
Kelvin Reese | 02 December, 2018, 10:10

About 170 employees of the Prosecutor's office, departments of the criminal police of Department on investigation of tax crimes and Federal police searched six facilities in Frankfurt, Eschborn and gross-Umstadt.

In a separate statement, the bank said: "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".

On Thursday the bank, Germany's biggest lender, said it was cooperating with investigators.

The Panama Papers are a set of millions of documents leaked in 2015 by Panamanian law firm Mossack Fonseca and Co linking offshore accounts to alleged fraud and tax evasion.

In 2017, the bank was landed with a £506m fine by the Financial Conduct Authority for failing to prevent $10 billion of Russian money-laundering.

They were alleged to have helped clients set up off-shore firms to launder money, they said.

The activities at Deutsche Bank AG that prompted a police raid on its headquarters took place as recently as this year, according to authorities.

Deutsche Bank employees had devised strategies to get around the sanctions and carry out transactions worth roughly $10.9 billion.

Shares in Deutsche Bank fell 2.75 to €8.36 by 1000 GMT, against a DAX blue-chip index up 0.6%. More details will be communicated as soon as these become known.

Law firm Mossack Fonseca which specialised in setting up offshore companies was at the centre of an international scandal
JOE RAEDLE GETTY IMAGESLaw firm Mossack Fonseca which specialised in setting up offshore companies was at the centre of an international scandal

Among recent cases were the Netherlands' Rabobank and Denmark's Danske Bank, the latter infamously laundering more funds than cryptocurrency's entire market cap.

Other European lenders have also come under scrutiny for potential money laundering.

Martin Sheil, a retired branch chief of the IRS Criminal Division, discusses his WhoWhatWhy series on Deutsche Bank and how almost all the main figures involved in Russiagate also have ties to the financial institution.

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

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

Earlier this month, Deutsche confirmed that it was involved in processing payments for the Danish bank in Estonia.

Two years prior, Deutsche Bank had already been fined a record $2.5 billion dollars bv United States and British authorities for its role in an interest scam between 2003 and 2007.

Several other institutions besides Deutsche Bank have been fined by authorities in the US and Europe for not properly checking up on the beneficial owners of shell companies that send money through their accounts.

Deutsche Bank has spent more than US$18b paying fines and settling legal disputes since the start of 2008, according to company disclosures compiled by Bloomberg News.

Crude Market: Oil dips below $50 on output doubts
By August 2018, Saudi Arabia's production was up by 630,000 barrels per day compared with June 2014 and Russia's output had climbed by 525,000 bpd.

Canada blindsided by GM Oshawa closure, workers walk out in protest
Trudeau tweeted on Monday that he "spoke with GM's Chief Executive Mary Barra to express his deep disappointment in the closure". United States consumers are buying sports utility vehicles (SUV's) and trucks more than traditional four-door cars.

Trump’s Chinese Tariffs Target Consumer Electronics, Including Sony and PlayStation
The price of an iPhone ranges from $449 to $1,449 in the US , including older models such as the iPhone 7 that Apple still sells. China has retaliated but has less room to manoeuvre as the USA buys much more from China than it exports there.

Recommended

  • LSU-Texas A&M 7-Overtime Thriller Ends with Postgame Fight

    LSU-Texas A&M 7-Overtime Thriller Ends with Postgame Fight

    Nearly two hours after LSU dumped Gatorade on their coach in premature celebration, the Texas A&M Aggies prevailed, 74-72. Fisher was asked who the second person was and if he knew about the incident after the game and said: "I have no idea".
    Watch Chuck Liddell vs Tito Ortiz 3 Live Stream Video on Fite

    Watch Chuck Liddell vs Tito Ortiz 3 Live Stream Video on Fite

    That's when Ortiz blasted "The lceman" with a right hand to the chin and Liddell's eyes rolled back as he crumbled to the canvas. The former UFC champs fought in 2004 and 2006, and Liddell stopped his fellow star in both scraps.
    Three US service members killed in Afghanistan blast

    Three US service members killed in Afghanistan blast

    Separately, the military said Tuesday that a preliminary review has found that an Afghan commando likely accidentally shot a U.S. According to an AP Report , The Taliban claimed responsibility for the deadliest attack on American forces since June 2017.
  • George Bush senior dies at 94 years old

    George Bush senior dies at 94 years old

    During World War Two, he was an aviator against the Japanese before being shot down in September 1944 while on a bombing raid. He outlived both Gerald Ford, who died in 2006 at 93, and Ronald Reagan, who died in 2004 at 93.
    Fed retunes message for 2019, opening door to 'slow down'

    Fed retunes message for 2019, opening door to 'slow down'

    Federal Reserve Chairman Jerome Powell speaks at the Economic Club of New York's luncheon in New York November 28, 2018. Many investors read the remarks as signalling the Fed's three-year tightening cycle was drawing to a close.
    Pacers guard Victor Oladipo out indefinitely

    Pacers guard Victor Oladipo out indefinitely

    Lakers: Lonzo Ball had two points and eight rebounds in 34 minutes while playing through an ankle injury. It didn't take LeBron James long to take over and essentially run the show for the Lakers , apparently.
  • Russian Men Barred From Entering Ukraine Amid Escalating Crisis

    Russian Men Barred From Entering Ukraine Amid Escalating Crisis

    Whatever Putin's true objective are, the Russians seem increasingly focused on making things as turbulent as possible for Ukraine. The vessels were stopped from entering the Kerch Strait and confronted by Russian FSB border guards.
    ‘Sometimes you need to FIGHT BACK’ - Melania Trump's surpisingly AGGRESSIVE Twitter advice

    ‘Sometimes you need to FIGHT BACK’ - Melania Trump's surpisingly AGGRESSIVE Twitter advice

    Trump was speaking at a Liberty University "town hall" about the opioid addiction epidemic. Trump said she wanted to educate the next generation on the dangers of drug use.
    Lionel Messi leads Barcelona to 2-1 win over PSV Eindhoven

    Lionel Messi leads Barcelona to 2-1 win over PSV Eindhoven

    PSV can not progress in the Champions League after only picking up a single point from their opening four games. PSV unlucky not to go into the break at least one goal in front after twice hitting the frame of the goal.
  • NASA pushing for continuous manned presence on moon ‘within 10yrs’

    NASA pushing for continuous manned presence on moon ‘within 10yrs’

    The mission: to deliver scientific instruments to the moon , as a prelude to setting up permanent bases for people. NASA's CLPS programme will offer contracts worth a combined value of about $2.6 billion over the next 10 years.
    Nickyanka wedding: Chopra, Jonas family reaches Jodhpur

    Nickyanka wedding: Chopra, Jonas family reaches Jodhpur

    It will be a three-day event and Chopra says it's gonna be such a wild ride that "people will need vacations after this wedding". Deepika it is! For Piggy Chops, we wait till the next time she waves at the media. "I thought it was a respectful first night".
    Trump tweets support of MS  senator ahead of runoff

    Trump tweets support of MS senator ahead of runoff

    MLB , which made the donation Friday, three weeks after her comment, request Sunday that she return the money. Senate race to be decided in 2018 and will determine whether Republicans add to their slim majority.

England women fly into Sevens quarter finals England women fly into Sevens quarter finals In the quarter-finals New Zealand beat Scotland 21-7 and then held on to beat England 7-5 in the semi-finals. Australia also went through the mill in their semi-final and felt heartbreak at the death.

Nick Jonas and Priyanka Chopra's Wedding, Big Laughs, Family Traditions and Fireworks Nick Jonas and Priyanka Chopra's Wedding, Big Laughs, Family Traditions and Fireworks We don't know yet whether she's going to take his name but Priyanka Chopra has now certainly been taken. "45 seconds of silence". Like DeepVeer, Priyanka and Nick looked extremely happy couple and for Priyanka we must say "Happy brides are always beautiful".

Google Hangouts to be shutdown in 2020 Google Hangouts to be shutdown in 2020 However, Hangouts still is a prominent chat option in Gmail on the web and the app also exists on the Google Play Store. Google Voice, for instance, began independently, then was integrated into Hangouts, before being split off again.

Indonesia safety agency recommends Lion Air improve safety culture Indonesia safety agency recommends Lion Air improve safety culture The malfunctioning sensor is key to correct operation of the MCAS, which is charged with detecting and correcting unsafe stalls. The main intent of MCAS is to make the MAX respond to a stall in a way pilots would find consistent with other 737 models.

Sen. Brown says Trump 'likes' his auto bill Sen. Brown says Trump 'likes' his auto bill Numerous job cuts would affect the Midwest, the politically crucial region where the president promised a manufacturing rebirth. General Motors announcement of their Lordstown plant closing has been the topic of discussion between Ohio's senators.

Saudi Crown Prince sidelined in G20 family photo Saudi Crown Prince sidelined in G20 family photo Saudi Arabia denies that bin Salman ordered the killing, but US intelligence agencies have concluded the opposite. In contrast, Mr Putin and the crown prince shared a smiley, enthusiastic greeting at the gathering.

KC Star Kareem Hunt Caught on Camera Assaulting Woman In TMZ Video KC Star Kareem Hunt Caught on Camera Assaulting Woman In TMZ Video According to NFL reporter Benjamin Allbright , two league sources asserted that the NFL and organization knew of the video . The clip, which came from an OH hotel hallway camera, was published by TMZ on Friday afternoon.

Bipartisan leaders of Senate Intelligence Committee respond to Michael Cohen's plea deal Bipartisan leaders of Senate Intelligence Committee respond to Michael Cohen's plea deal Adult-film star Stormy Daniels was given US$130,000 and former Playboy model Karen McDougal was paid US$150,000. As part of this deal, Cohen pleaded guilty to lying to Congress regarding a Trump Tower project in Moscow.

Ivanka Trump defends use of private email, brushes aside Mueller probe Ivanka Trump defends use of private email, brushes aside Mueller probe But the controversy has picked up in the interest of Outgoing House Oversight Committee chair Rep. Ms Trump said all of her emails were "stored and preserved".

Republicans Win Mississippi Senate Race Despite Media Blitz, Report Says Republicans Win Mississippi Senate Race Despite Media Blitz, Report Says Hyde-Smith was the favorite in the solidly red state, and the final Senate election of 2018 was long seen as an afterthought. In the final weeks of the runoff, Hyde-Smith's campaign said the remark about making voting hard was a joke.

Xbox One X Sale: Just $399 for Cyber Monday (Lowest Price) Xbox One X Sale: Just $399 for Cyber Monday (Lowest Price) And the Nintendo Entertainment System: NES Classic Edition system surpassed lifetime sales of 2 million. And next month, it will launch its biggest title of the year, Super Smash Bros.

Gender reveal party started a huge Arizona fire Gender reveal party started a huge Arizona fire In the end, more than 100 people had to evacuate their homes, and the cost the fire and its damage came out to $8.2 million. Dickey told authorities he constructed the target with an explosive substance known as Tannerite.

Australian steer stands out in his field Australian steer stands out in his field Knickers, who is a Holstein Friesian, is double the weight of an average animal of its breed and more than a foot taller. Big Knickers: According to BBC , Knickers was first bought when he was about 1 year old.

U.S. calls China’s tariffs on American autos ‘egregious’ U.S.  calls China’s tariffs on American autos ‘egregious’ If no deal is reached during that meeting, he intends to impose tariffs of 10% to 20% on all remaining imported goods from China. President Ramaphosa will also chair a BRICS Leaders' Summit on the margins of the G20.

Dershowitz says Robert Mueller report won't result in Donald Trump criminal charges Dershowitz says Robert Mueller report won't result in Donald Trump criminal charges Last week Trump submitted written answers to questions from Mueller instead of facing an interview in person. Mueller was appointed special counsel in May 2017, after Trump fired then-FBI Director James Comey.