German police raid Deutsche Bank over suspected money laundering.
According to authorities. Prosecutors believe the bank helped clients “transfer money from criminal activities” to tax havens.
Federal police on Thursday raided the Frankfurt offices of Deutsche Bank. The Frankfurt prosecutor’s office said the raids stemmed from an investigation into suspected money laundering at the German bank.
About 170 law enforcement agents took part in the operation. The investigation revolves around multiple Deutsche Bank employees, including two believed to still be working at the financial institution.
Deutsche Bank said it was “fully cooperating” with authorities. “The case is related to the Panama Papers,” a spokesperson said.
According to prosecutors, Deutsche Bank is suspected of helping some 900 customers setup offshore shell companies in tax havens to “transfer money from criminal activities.” They said some €311 million ($354 million) is believed to have been laundered, citing information gleaned from the so-called “Panama Papers.”
Markus Meinzer, financial secrecy director of the Tax Justice Network, told DW that he was “surprised that German officials would finally take action” on information garnered from the “Panama Papers.”
“It has been two years that they’ve been analyzing these files,” Mainzer said. “We have seen in other situations that German prosecutors took very long to take action” against tax avoidance schemes and financial crimes.
The “Panama Papers” data leak comprised some 11.5 million documents and was leaked to German newspaper Süddeutsche Zeitung by an anonymous source in 2015. At least 28 German entities were identified in the leak, according to reports at the time, including Deutsche Bank.