Deutsche Bank CRISIS: Why are police raiding Deutsche Bank in Germany?

Deutsche Bank offices raided in connection with Panama Papers

"We confirm that the police are now conducting an investigation at a number of our offices in Germany", the bank said in a short statement posted to its website.

Police vehicles are parked at Deutsche Bank's headquarters in Frankfurt on November 29, 2018.

The Panama Papers - millions of documents from Panamanian law firm Mossack Fonseca - were leaked to the media in 2016.

The claims had first surfaced in the "Panama Papers" investigation, published by an global consortium of journalists in 2016. Writes the BBC, the authorities are "looking into whether Deutsche Bank staff helped clients set up off-shore accounts to 'transfer money from criminal activities'".

The investigation is separate from another money laundering scandal surrounding Danish lender Danske Bank, where Deutsche Bank is involved. More details will be communicated as soon as these become known.

In 2016 alone, more than 900 customers are alleged to have transferred some 311 million euros to one such company set up in the British Virgin Islands, she said.
"We are cooperating fully with the authorities".

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.

Sources have told Reuters that Deutsche Bank helped process the majority of those payments.

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In recent years, Deutsche Bank has been in the news not only for its prominence in the Panama Papers, but also for its ties to President Trump, in a tumultuous relationship that goes back some 20 years.

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.

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

Several banks, including the Swedish lenders Nordea and Handelsbanken have already been fined by financial regulators for violating money laundering rules as a result of the Panama Papers.

Citing people familiar with the matter, Bloomberg News had reported that Deutsche was the unnamed bank a Danske whistleblower said had handled nearly $150 billion of suspect transactions originating in the Danish firm's Estonian branch.

United Kingdom regulator Georgina Philippou said at the time: "This case stands out for the seriousness and duration of the breaches by Deutsche Bank - something reflected in the size of today's fine".

Deutsche Bank has been under pressure after annual losses, and it agreed to pay a $7.2 billion settlement with US authorities past year over its sale of toxic mortgage securities in the run-up to the 2008 financial crisis.

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

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