Deutsche Bank Premises Raided in Germany Amid Money Laundering Probe
November 29 2018 - 5:21AM
Dow Jones News
By Max Bernhard and Pietro Lombardi
German prosecutors and police searched Deutsche Bank AG (DBK.XE)
premises in and around Frankfurt on Thursday in relation to
suspicions that the bank helped clients set up offshore entities in
tax havens and failed to alert authorities to possible money
laundering.
The investigation focuses on two Deutsche Bank employees, as
well as other unidentified company officials, the Frankfurt public
prosecutors' office said.
Deutsche Bank said it is fully cooperating with authorities and
will comment further when more details become available.
The prosecutors' office said that after federal police analyzed
the so-called "Offshore Leaks" and "Panama Papers" reports of the
International Consortium of Investigative Journalists, "the
suspicion arose that Deutsche Bank helped clients with the
establishment of so-called offshore entities in tax havens."
Deutsche Bank is also suspected of helping clients transfer funds
from illegal activities to German accounts, and failed to notify
authorities of the suspected money laundering, the prosecutors'
office said.
Prosecutors said that federal police and tax authorities
participated in the searches, with more than a 170 police and
officials involved.
Shares at 0950 GMT are down 2.4%.
Write to Max Bernhard at max.bernhard@dowjones.com and Pietro
Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
November 29, 2018 05:06 ET (10:06 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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