The Panama Papers Investigation Bites Deutsche Bank

Deutsche Bank is in trouble again. German police have raided the bank’s Frankfurt headquarters and offices in several other locations. The raid is part of an investigation into revelations in the Panama Papers that the bank may have been involved with money laundering via a subsidiary in the British Virgin Islands.

A police van sits outside the headquarters of Deutsche Bank AG during a police raid in Frankfurt, Germany, on Thursday, Nov. 29, 2018. Deutsche Bank’s premises including its headquarters in Frankfurt were being searched by prosecutors on Thursday in a money laundering probe, prosecutors said in a statement. Photographer: Andreas Arnold/Bloomberg© 2018 Bloomberg Finance LP

The German federal prosecutor said that two Deutsche Bank employees may have been helping clients to set up offshore companies to launder money. Diverting money through offshore companies is not necessarily money laundering, but the prosecutors said the employees face allegations that they

... read more at: https://www.forbes.com/sites/francescoppola/2018/11/29/the-panama-papers-investigation-bites-deutsche-bank/

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