Thursday , October 17 2019
Home / unitedkingdom / Deutsche Bank headquarters raided money laundering

Deutsche Bank headquarters raided money laundering



Police cars outside the offices of Deutsche BankCopyright
Reuters

At the headquarters of the Deutsche Bank in Frankfurt, prosecutors raided the money laundering investigation.

A German prosecutor claimed that two officers helped clients launder money from criminal activities.

Police cars were seen outside the blocks of the tower, which houses the headquarters of the largest bank in Germany.

Other Deutsche offices in the city were searched in an operation involving about 170 police officers and officials.

Prosecutors are investigating whether Deutsche Bank employees have helped clients create offshore accounts for "transferring money from criminal activities."

The investigation was caused by revelations in the “Panamanian documents” in 2016 – a huge amount of information leaked from one of the most secret companies in the world – the Panamanian law firm “Mossak Fonseca”.

  • What are Panamanian documents?

Other banks, including Swedish Nordea and Germany Handelsbanken, were fined as a result of information contained in the Panamanian documents.

Deutsche Bank shares fell by 3% after news of the raid. The company confirmed that the police had raided several places in Germany and that it was fully cooperating with the probe.

Documents and electronic documents were seized by officials during raids on bank properties.

Copyright
Getty images

Image header

Deutsche Bank headquarters in Frankfurt occupies two towers

Deutsche Bank was associated with another major money laundering scandal at Danske Bank.

Earlier this month, he confirmed that he was involved in processing payments for a Danish bank in Estonia.

An internal investigation conducted by Danske Bank revealed that about 200 billion pounds of sterling (£ 177 billion) were sent through its Estonian branch.

A Danish bank said many of these payments were suspicious.

Deutsche Bank said it ended its relationship with Danske in 2015 after "identifying suspicious activities."

Fines and sanctions

Deutsche Bank has been sanctioned in the past for its inability to fight money laundering.

In September, the German financial regulator ordered the bank to take further action to prevent money laundering and terrorist financing.

He also appointed an independent auditor to monitor the efforts of Deutsche Bank for three years.

In 2017, Deutsche Bank was fined $ 630 million (504 million pounds) by US and UK regulators in connection with the Russian money laundering plan.

Under this scheme, clients illegally transported $ 10 billion from Russia through shares bought and sold through the Moscow, London and New York offices of the bank.


Source link