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Panama Papers Probe: Deutsche Bank Headquarters raided

02 December 2018

Deutsche Bank's Frankfurt, Germany, offices were searched Thursday as part of a Panama Papers-linked investigation.

Prosecutors have accused two of the bank's staff of helping to launder money obtained through criminal activity.

The investigation emerged from an analysis of documents leaked from tax havens in recent years, including the 2016 "Panama Papers", said Frankfurt prosecutors' spokeswoman Nadja Niesen.

Prosecutors said about 170 officials and police were involved in the raids.

Both the lender and prosecutors said the probe was related to the Panama Papers, a 2016 investigation into money laundering networks and shell companies set up by Panama-based law firm Mossack Fonseca. Zacks Investment Research upgraded shares of Deutsche Bank from a "sell" rating to a "hold" rating in a research report on Friday, August 17th. Starting at 10 a.m. local time, officers descended on six buildings in Frankfurt, where Deutsche Bank has its headquarters, as well as premises - including at least one suspect's home - in nearby Eschborn and Gross-Umstadt. Police cars were parked outside the headquarters of the bank, Germany's biggest lender. Bluefin Trading LLC bought a new stake in shares of Deutsche Bank during the 3rd quarter valued at $971,000. More details will be communicated as soon as these become known.

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The raids are the latest embarrassment for embattled Deutsche Bank, which has repeatedly been rapped by regulators for lax money laundering controls.

It is believed the probe involves the so-called Panama Papers, leaked documents pertaining to over 200,000 offshore dealings.

Deutsche Bank has also come under scrutiny over its activities as a correspondent for scandal-plagued Danske Bank, Denmark's largest lender.

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Two years prior, Deutsche Bank had already been fined a record $2.5 billion dollars bv United States and British authorities for its role in an interest scam between 2003 and 2007.

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It was fined more than $797 million by US and United Kingdom authorities in January 2017 for allowing customers to transfer more than $13 billion out of Russian Federation in what regulators said was "highly suggestive of financial crime".

Citing people familiar with the matter, Bloomberg News had reported that Deutsche was the unnamed bank a Danske whistleblower said had handled nearly $150 billion of suspect transactions originating in the Danish firm's Estonian branch.

Earlier this month, Deutsche said that it was involved in processing payments for the Danish bank in Estonia.

An investigation by the U.S. Department of Justice is still ongoing.

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Panama Papers Probe: Deutsche Bank Headquarters raided