Economy

Deutsche Bank offices raided by police in tax haven case

Deutsche Bank offices raided by police in tax haven case

Deutsche Bank premises in and around Frankfurt were raided by the police and tax investigators on Thursday in relation to suspicions that the bank helped clients set up offshore entities in tax havens and failed to alert authorities to possible money laundering.

Deutsche Bank headquarters got raided this week as another bank that regularly criticizes Bitcoin is again suspected of money laundering.

Around 170 police officers, prosecutors and tax inspectors took part in the searches which saw written and electronic documents seized, the Frankfurt prosecutor's office said.

Subsequent investigations exposed evidence Deutsche Bank helped clients set up off-shore accounts, prosecutors said.

The investigation was launched after evaluation of the explosive Panama Papers tax haven revelations and the previous Offshore Leaks report of offshore bank accounts, according to a government spokesman, Nadja Niesen.

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Deutsche Bank retains an office in the Cayman Islands, which employs around 30 people, but there is no indication at this point that this investigation has any connection to those offices.

They also accused the bank's employees of allegedly neglecting their duties of reporting suspicious activity of clients involved in tax evasion schemes.

There was no indication that today's raid was linked to that scandal, though Deutsche Bank says that it has since stopped providing dollar transactions in some countries, including Latvia.

Police cars were seen outside the tower blocks that house the headquarters of Germany's biggest bank.

Deutsche Bank shares were down more than 2 percent by 1409 GMT and have lost nearly half their value this year.

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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.

The institution already is under investigation for another money laundering scandal involving Danske Bank in Denmark. We will be issuing further details in due course.

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.

Weaknesses in Deutsche Bank's controls that aim to prevent money laundering have caught the attention of regulators on both sides of the Atlantic.

He has also alleged that family members of Russian President Vladimir Putin and Russia's spy agency were using the bank for money laundering. Answer: Deutsche Bank. We pick up where we left off by examining how Trump first became involved with the worldwide colossus - a bank catering to clients who understood that sometimes the line between profit and illegality blurs.

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