Monday, 17 December, 2018

Deutsche Bank Headquarters Raided by 170 Police Officers Over Money Laundering

Deutsche Bank offices raided in Panama Papers probe Police spend second day searching Deutsche Bank headquarters
Rhonda Young | 02 December, 2018, 16:07

Police hoped to locate more material during Friday's search, a spokeswoman for the Frankfurt prosecutor said, a day after large amounts of electronic and paper records were seized at the bank's headquarters and buildings in nearby areas.

German authorities have searched Deutsche Bank (IOB: 0H7D.IL - news) offices as part of an investigation into money laundering allegations triggered by Panama Papers and Offshore Leaks disclosures, prosecutors said.

The raid was a new blow to the financial institution that has been hammered by a string of scandals linked to its pre-2008 crisis attempts to compete with Wall Street investment banking giants.

In a statement issued on Thursday, Deutsche Bank confirmed the search and said "the investigation has to do with the Panama Papers case".

The Panama Papers consist of over 11.5 million leaked documents from Panamanian law firm Mossack Fonseca.

Israeli police recommend indicting Benjamin Netanyahu in bribery case
The appointment of Alsheikh's potential successor is being held up after a government-appointed committee rejected his candidacy. Mr Netanyahu held the government's communications portfolio until previous year and oversaw regulation in the field.

"Yesterday's police raid at the headquarters of Deutsche Bank highlights the lack of coordinated global leadership against financial secrecy from the world's richest nations", the organization said.

It is focused on two Deutsche Bank employees, aged 50 and 46, and possibly other still unidentified suspects, she said.

The operation is targeting two staff members who are alleged to have set up off-shore firms for clients to launder money from criminality.

The raid comes as Deutsche Bank tries to fix its tattered reputation after three years of losses and a list of financial and regulatory scandals.

He pointed a finger at the German financial regulator BaFin, which in January released a report finding no evidence of significant instances of money laundering at the banks identified in the Panama Papers.

New Zealander describes 'horror' riots in Paris
On Saturday November 17th on the first day of the yellow vest protests there were around 300,000 demonstrators out on the roads. Mr Macron later said there were 5,500 protesters in the capital and about 36,000 in total around the country.

Police vehicles parked in front of Deutsche Bank headquarters in Frankfurt, Germany, on November 29, 2018. CEO Christian Sewing was appointed in April with the intention of improving performance at the lender.

In 2016 alone, over 900 customers were served by a Deutsche Bank subsidiary registered on the British Virgin Islands, generating a volume of 311 million euros.

The investigation is separate from another money laundering scandal surrounding Danish lender Danske Bank, where Deutsche Bank is involved.

In September, however, BaFin ordered KPMG to conduct a third-party assessment at Deutsche Bank after criticizing the bank's money laundering and anti-terrorist financing procedures.

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.

Neil deGrasse Tyson under investigation for alleged sexual misconduct
Celebrity astrophysicist Neil deGrasse Tyson is being investigated after two women have accused him of sexual misconduct. Fortune reached out to Tyson for comment, but did not receive an immediate reply.

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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