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A total of 170 officials from the Frankfurt prosecutors office, the Federal Criminal Police Office (BKA), the tax investigation office were on the scene at the Deutsche Bank headquarters.

Some 170 police officers and investigators from the prosecutor's office were searching for six of the bank's premises in and around the city.

"As far as we are concerned, we had already provided the authorities with all the relevant information regarding the Panama Papers", Deutsche Bank spokesman Joerg Eigendorf told reporters in Frankfurt.

In 2017, Deutsche Bank was fined $630m (£504m) by U.S. and United Kingdom regulators in connection with a Russian money laundering plan.

The Panama Papers are a trove of documents from a law firm that handled shell companies for thousands of the rich and powerful around the world.

The claims had first surfaced in the "Panama Papers" investigation, published by an worldwide consortium of journalists in 2016. "We are cooperating fully with the authorities".

The bank is being investigated on money-laundering suspicions raised by a 2016 data leak.

Deutsche Bank shares fell sharply after the news broke.

Law firm Mossack Fonseca which specialised in setting up offshore companies was at the centre of an international scandal
JOE RAEDLE GETTY IMAGESLaw firm Mossack Fonseca which specialised in setting up offshore companies was at the centre of an international scandal

According to U.S. and British regulators, Deutsche Bank's anti-money laundering control mechanisms failed to spot sham trades with a value of up to $10 billion, not knowing who the customers involved in the trades were and where their money came from.

Deutsche and Danske banks are not the first to be stung following revelations contained within the Panama Papers.

The Frankfurt prosecutors said their probe was focusing on two Deutsche Bank employees aged 50 and 46, as well as several unnamed senior staff members.

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 failure to hold banks accountable for money laundering encourages such criminal activity, including laundering hundreds of millions of dollars in Panama and other money laundering havens", said Gurule, now a professor at Notre Dame Law School. The bank's CEO has since stepped down over the scandal.

Deutsche has been connected with another huge money laundering scandal at Denmark's Danske Bank. A Deutsche Bank executive director has said the lender played only a secondary role as a so-called correspondent bank to Danske Bank, limiting what it needed to know about the people behind the transactions.

At the time, Deutsche Bank severed ties with a Cypriot lender partly owned by VTB Group that was identified in the reporting.

According to the report, numerous bank records have been seized as part of this raid.

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