Deutsche Bank raided over Panama Papers link

A total of 170 officers from the Frankfurt public prosecutor's office were involved in the raid on Thursday

A total of 170 officers from the Frankfurt public prosecutor's office were involved in the raid on Thursday

A total of 170 officers from the Frankfurt public prosecutor's office, the Criminal Bureau of Investigation (BKA), the tax fraud office and the federal police searched the head office of Germany's largest lender in Frankfurt, among other properties, on Thursday morning.

About 170 police officers, investigators and prosecutors swooped in on the bank's offices in Frankfurt and premises in nearby Eschborn and Gross-Umstadt at 10 a.m., seizing electronic and paper records.

The bank's offices were reportedly raided in connection with the Panama Papers money laundering investigation.

The Deutsche Bank investigation is focused on a handful of employees suspected of helping clients set up offshore companies in tax havens, and for allowing "proceeds of crimes" transferred to Deutsche Bank accounts without reporting them to authorities, according to the Wall Street Journal.

In 2016 alone, more than 900 customers were served by a Deutsche Bank subsidiary registered in the British Virgin Islands, generating a volume of €311m, the prosecutors allege.

In a brief statement, the bank confirmed the investigation taking place "at a number of our offices in Germany".

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Other Democratic members of Congress, including Reps. "Well, I think you heard and saw what took place", she replied. Joyce Beatty of OH , an ally. "But in the end, it's up to them to build an operation and go for it", Thornell said.

"The case is related to the Panama Papers", it added.

TRT World's Ira Spitzer has more details from Berlin. "We are co-operating fully with the authorities", the bank said.

Deutsche Bank shares fell as much as 4.7% on Xetra.

"Just when you thought Deutsche Bank had left its legal troubles behind it, there's more", said Markus Riesselmann, an analyst at Independent Research who recommends investors sell Deutsche Bank shares.

Prior to that, other bank sources had delivered more dismissive comments, chief strategist Ulrich Stephan in November a year ago saying he "would simply not recommend (Bitcoin) to the everyday investor".

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

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The German lender may have helped clients in setting up offshore companies in tax havens.

Most recently, Denmark's biggest bank, Danske Bank, admitted that some $235 billion in suspicious money had flown through its Estonian branch from 2007 to 2015.

German prosecutors found no evidence of criminal wrongdoing, and the bank's top-level executives were deemed not to have been involved in the scandal.

Another Baltic state, Latvia, has also emerged as a major hub of money laundering, with a 2014 leak showing that tens of billions of dollars were funneled from Russian Federation in 2010-14.

The latest raid is a new blow to Deutsche Bank, which has been hammered by a string of scandals linked to its pre-2008 crisis attempts to compete with Wall Street investment banking giants.


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