Frankfurt prosecutor says Deutsche Bank raid continues for second day
Frankfurt prosecutor says Deutsche Bank raid continues for second day
Deutsche Bank offices raided in connection with Panama Papers
02 December, 2018, 10:10
About 170 employees of the Prosecutor'soffice, 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.
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.
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