Search of Deutsche Bank offices continues in German 'Panama Papers' probe

Deutsche Bank

Deutsche Bank offices in London seen

The search has entered its second day because of the large volume of material involved. They added that at least two employees of the bank were being investigated for helping set up offshore companies that were allegedly used to help launder money. It is the latest blow to the bank, whose reputation has suffered in recent years owing to a number of financial and regulatory scandals and three years of losses.

Most recently, Denmark's biggest bank, Danske Bank, admitted that some 200 billion euros ($235 billion) in suspicious money had flown through its Estonian branch from 2007 to 2015.

There was no indication that Thursday's raid was linked to that scandal, though Deutsche Bank says that it has since stopped providing dollar transactions in some countries, including Latvia. CEO Christian Sewing was appointed in April with the intention of improving performance at the lender. The inquiries focus on events from 2013 to this year.

A parliamentary representative from the German Green, party, Gerhard Schick, called the fact that the same board is still in place at Deutsche Bank "particularly irritating".

In a statement, Transparency International said world leaders still had not done enough to curb abuses of the offshore financial system.

Prosecutors said a probe into the Panama Papers, files from the law firm Mossack Fonseca that were leaked online, showed Deutsche may have helped clients set up off-shore accounts in tax havens to launder criminal proceedings.

Police recommend bribery charges against Netanyahus
They are suspected of interfering in regulatory decisions that favoured Bezeq and its majority shareholder Shaul Elovitch. He is also suspected of negotiating favorable press coverage with Yedioth Ahronoth publisher, Arnon Mozes, in Case 2000.


On Thursday, almost 170 police officers and officials of the public Prosecutor, the Federal criminal police office, the tax police and the Federal police, the building had been searched by.

This week's events raise the stakes of a regularly scheduled meeting of the bank's supervisory board planned for December 4. Only one police vehicle was visible outside the bank's headquarters early on Friday.

Deutsche Bank's controls that aim to prevent money laundering have caught the attention of regulators on both sides of the Atlantic. "Of course, we will closely cooperate with the Prosecutor's office in Frankfurt, because to us, all of the suspicions to educate", he said.

BaFin said its critics had misunderstood the situation, and that supervisors and prosecutors played different roles.

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.

On Thursday, as the raids were going on, the vice chairman of supervision for the U.S. Federal Reserve, Randal Quarles, met Deutsche Bank management for an unrelated and previously scheduled appointment at the bank's headquarters, a spokesman for the Fed said.

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