German police raided Deutsche Bank offices on Thursday, seeking evidence in a money laundering investigation into the practice of hiding money offshore to elude tax collectors and government regulators.
“Police officers and tax inspectors entered Deutsche Bank’s headquarters in Frankfurt early Thursday morning and seized documents,” NPR’s Esme Nicholson reports from Berlin. “Prosecutors are investigating two employees of the bank who allegedly assisted customers in setting up offshore firms to avoid anti-money laundering safeguards when transferring money to accounts at Deutsche Bank.”
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.”
Those 900 customers did business totaling 311 million euros (about $350 million), the Frankfurt prosecutor’s office said.
The search involved some 170 officers from the prosecutor’s office, the tax investigation department and the federal police, said senior public prosecutor Nadja Niesen, in an