Today Deutsche Bank has been accused of money laundering. The German institution was stormed by 170 officials, and, oddly enough, Bitcoin was not found at the scene.
Deutsche Bank believes that in 2016 dirty money was processed by 354 million dollars
The way the mainstream media talks about Bitcoin in relation to financial crimes, someone would have thought that money laundering is a completely new phenomenon, only because of revolutionary innovative innovation. Of course, this is not the case, and the point of view was well covered by today's news that Deutsche Bank AG was attacked on the basis of allegations of hiding illegally received funds.
According to prosecutors based in Frankfurt, the suspicion of money laundering at the bank goes back to the 2016 Panama papers.
However, the following study focuses on the period between 2013 and 2018. Two of the bank employees were identified as the main suspects in the investigation. All that is known about the couple is their age, 50 and 46 years old. No names yet.
During today's raid, 170 German officials broke into the buildings of the Deutsche Bank in Frankfurt. They captured documents – both electronic and physical – as part of an operation that took place shortly before 9 am.
A five-year investigation into the Panamanian documents revealed evidence that a German lender was involved in setting up offshore accounts for clients in various tax havens. The bank is also accused of not reporting suspicious accounts, which are believed to have been used to receive illegally received money. The investigation is focused on the branch of the Deutsche Bank in the British Virgin Islands. According to a report in Bloomberg, prosecutors said that in 2016 the unit processed more than $ 354 million.
Deutsche Bank is one of the most penalized financial institutions in all of Europe. In the past decade, he has spent more than $ 18 billion on resolving legal disputes and paying fines related to financial crimes. The only bank that should have increased the account is the Royal Bank of Scotland Group Plc. He had to pay $ 100 million more than the amount spent by Deutsche Bank.
Independent Research analyst Markus Riesselmann spoke about the current situation of the bank:
"When you thought that Deutsche Bank left behind its legal problems, there is still … Investors really want to focus on the bank's operating business, so this noise around them is completely useless for the mood."
Related Reading: Deutsche Bank Veteran Jumps Ship, joined the Japanese Crypto Exchange
Money laundering did not start with bitcoin
Despite the narration in the mainstream media that Bitcoin is used for money laundering, Deutsche Bank employees were able to commit their financial crimes without using digital currency at all. Perhaps then this is not bitcoin, this is a problem.
Nevertheless, many celebrities from the world of traditional finance continue to admire the fact that they condemn Bitcoin for apparently playing a role in global money laundering operations. However, evidence suggests that in fact less than 1% of Bitcoin transactions are used in connection with any crime, be it financial or otherwise.
Using the threat that something can be used for some heinous reason as a basis for discrediting, it is frankly ridiculous. However, this is nothing new. The Internet was attacked at the beginning of its existence on the grounds that it would allow child pornography and terrorist organizations, for example.
Of course, the Internet has helped these criminal acts.
However, it also allowed people to keep in touch with long lost friends, order almost any product that can be imagined from the comfort of home and level the playing field for content creators of all types. These benefits far outweigh the negative effects of technology.
Similarly, bitcoin can be used by a tiny minority to launder money. However, the financial freedom it brings to the world is worth the disadvantage. In addition, as the Deutsche Bank raid today shows, money laundering will continue with Bitcoin or without it.
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