ibusinesslines.com December 17, 2018

German prosecutors raid Deutsche Bank offices amid investigations into tax havens

29 November 2018, 11:28 | Kelvin Horton

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Deutsche Bank has been sanctioned in the past for failing to tackle money laundering.

A total of six properties were searched in Frankfurt, Eschborn and Gross-Umstadt, the public prosecutor said.

They also said Deutsche Bank employees are alleged to have breached their duties by neglecting to report money laundering suspicions about clients and offshore companies involved in tax evasion schemes.

Chief executive Christian Sewing, who took over in April, has been shedding jobs and making other cost cuts in an attempt to revive the bank's performance. The German authorities began looking into the potentially illegal actions of the country's largest bank as a result of those document leaks. He trimmed USA operations and reshuffled the management board but revenue has continued to slip.

The Panama Papers, published by the Guardian and a consortium of global journalists in April 2016, revealed how offshore tax havens including the British Virgin Islands were used to hide billions of dollars.

Nicholson adds, "according to investigators, in 2016 alone more than 900 Deutsche Bank customers were served by a subsidiary registered in the British Virgin Islands". Numerous police vehicles could be seen parked up outside the giant investment bank's entrances as written and electronic documents were seized from the premises.

And now it seems more allegations have been put against the banks.

Deutsche Bank shares fell as much as 3% on the news and were down 2.6% as of 11:20 a.m.in Frankfurt (5:20 a.m. ET).

Investor worries have mounted over its role as a correspondent bank in the multi-billion-dollar money-laundering scandal at Danske, and Germany's markets regulator has taken the unprecedented step of appointing a monitor to oversee the firm's efforts to improve money-laundering and terrorism-financing controls.

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.

Earlier this month, Deutsche confirmed that it was involved in processing payments for the Danish bank in Estonia.

In August, Reuters reported that Deutsche Bank had uncovered further shortcomings in its ability to fully identify clients and the source of their wealth.

Deutsche Bank has spent more than $18 billion paying fines and settling legal disputes since the start of 2008, according to company disclosures compiled by Bloomberg News. An investigation by the U.S. Department of Justice is still ongoing.

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