Deutsche Bank headquarters raided over money laundering

Deutsche Bank headquarters raided over money laundering

Deutsche Bank's Frankfurt, Germany, offices were searched Thursday as part of a Panama Papers-linked investigation.

In total, 170 prosecutors, police officers, and tax inspectors took part in the raid, according to a statement from the prosecutor's office in Frankfurt, Germany.

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

Prosecutors are probing 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 skirt anti money laundering safeguards.

In 2016 alone, more than 900 customers were served by a Deutsche Bank subsidiary registered on the British Virgin Islands, generating €300m, the prosecutors said.

Deutsche has been connected with another huge money laundering scandal at Denmark's Danske Bank.

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. The investigation revolves around multiple Deutsche Bank employees, including two believed to still be working at the financial institution.

As Trump's former top aide Steve Bannon said in early 2018, Special Counsel Robert Mueller's investigation into Trump's campaign will largely deal with the president's finances with the bank. And the author and reporter Luke Harding has described a "shuffle of money" between the bank's dealings with figures in Russian Federation and its business with Trump.

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The prosecutor suspects further that proceeds from criminal activity were transferred into Deutsche Bank accounts without the bank flagging the transactions as potential money-laundering cases.

Scandinavian lenders Nordea and Handelsbanken have already been fined by regulators for violating money laundering rules.

Christian Sewing was appointed as chief executive in April to help the bank to rebuild.

Paperwork and electronic documents were seized by officials during the raids on the bank's properties.

The Danish bank said many of those payments were suspicious.

The bank has publicly said that it agreed it needed to improve its processes to properly identify clients.

Denmark's state prosecutor on November 28 filed preliminary charges against Danske for alleged violations of the country's anti-money laundering act in relation to its Estonian branch.

The bank has already recorded annual loses after agreeing to pay a $7.2 billion settlement with U.S. authorities after it sold toxic mortgage agreements prior to the 2008 financial crash.

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