German police raid Deutsche Bank in money laundering probe

Police walk in front of Deutsche Bank headquarters

Police walk in front of Deutsche Bank headquarters

While money-laundering suspicions stem from the 2016 disclosures known as the Panama Papers, the investigation covers the five-year period from 2013 to 2018, a spokeswoman for Frankfurt prosecutors said.

Speaking about the latest investigation, a Deutsche Bank spokesman said: 'Of course, we will cooperate closely with the public prosecutor's office in Frankfurt, as it is in our interest as well to clarify the facts'.

A deeper probe of the bank was triggered after investigators reviewed so-called "Offshore-Leaks" and "Panama Papers", the prosecutor said.

The Papers revealed the financial secrets of the world's financial and criminal elite, detailing years of tax avoidance and money laundering in the hundreds of millions - including millions of pounds from the Queen's private estate.

The prosecutors said they were looking at whether Deutsche Bank may have assisted clients to set up "offshore companies" in tax havens so that funds transferred to accounts at Deutsche Bank could skirt anti-money-laundering safeguards.

The suspects are accused of failing to report the suspicious transactions even though there was "sufficient evidence" to have been aware of it. "The investigation has to do with the Panama Papers case".

Deutsche Bank said it was fully cooperating with authorities.

Shares in Deutsche Bank were down 3.4 percent at 8.30 euros in the early afternoon, making them the worst performing stock on the DAX blue-chip index.

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Weaknesses in Deutsche Bank's controls that aim to prevent money laundering have caught the attention of regulators on both sides of the Atlantic.

And it's not the first time Deutsche Bank has run into trouble over the flow of dirty money.

FWIW: Deutsche has been rocked by problems and was the only major global bank to do business with Trump in recent years.

According to prosecutors, Deutsche Bank is suspected of aiding some 900 customers in setting up offshore companies in tax havens.

It was fined more than $600 million by USA and United Kingdom authorities in January 2017 for allowing customers to transfer $10 billion out of Russian Federation in what regulators said was "highly suggestive of financial crime".

The prosecutor suspects further that proceeds from criminal activity were transferred into Deutsche Bank accounts without the bank flagging the transactions as potential money-laundering cases.

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

British banking authorities said at least 29 Deutsche Bank employees were involved in the scam, while United States regulators ordered the bank to fire seven employees, including directors and vice-presidents.

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