German police raid Deutsche Bank over suspected money laundering

29 November, 2018, 22:14 | Author: Eric Barnett
  • Panama Papers Probe Deutsche Bank Headquarters raided

Prosecutors said they were looking at whether Deutsche Bank may have assisted clients to set up offshore companies in tax havens, so that funds transferred to accounts at Deutsche Bank could get around anti-money laundering safeguards. 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.

Howard Wilkinson, the man who blew the whistle on a massive money laundering scheme through the Estonian branch of Denmark's Danske Bank, speaks during a hearing at the Danish parliament building Christiansborg Castle on Monday Nov. 19.

"Money obtained illegally may have been transferred to accounts at Deutsche Bank, which failed to report the suspicions that the accounts may have been used to launder money", it reported.

A Deutsche spokesperson said: "We confirm that the police are now conducting an investigation at a number of our offices in Germany".

In 2017, Deutsche already had to pay a fine of nearly $630 million after an investigation by British and American authorities into laundering of money originating in Russian Federation.

The investigation was sparked by revelations in the 2016 "Panama Papers" - an enormous amount of information leaked from a Panamanian law firm called Mossack Fonseca. A Deutsche Bank executive director has said the lender played only a secondary role as a so-called correspondent bank to Danske Bank, limiting what it needed to know about the people behind the transactions.


"The case is related to the Panama Papers", it added. "Something seems to be basically wrong in the compliance and anti-money laundering area of the bank".

A number of banks including Swedish lenders Nordea and Handelsbanken have already been fined by financial regulators for violating money laundering rules as a result of the papers. The cost of insuring its junior debt against losses jumped 11 basis points to 383 basis points, the highest in two years, according to data compiled by CMA.

In September, Germany's financial watchdog - BaFin - ordered Deutsche Bank to do more to prevent money laundering and 'terrorist financing, ' and appointed KPMG as third party to assess progress.

According to the report, numerous bank records have been seized as part of this raid.

Last year, Deutsche Bank was fined almost $700million for allowing money laundering through artificial trades between Moscow, London and NY.

An investigation by the U.S. Department of Justice is still ongoing.

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