Deutsche Bank Premises Raided in Germany Amid Money Laundering Probe

   By Max Bernhard and Pietro Lombardi 
 

German prosecutors and police searched Deutsche Bank AG (DBK.XE) premises in and around Frankfurt on Thursday in relation to suspicions that the bank helped clients set up offshore entities in tax havens and failed to alert authorities to possible money laundering.

The investigation focuses on two Deutsche Bank employees, as well as other unidentified company officials, the Frankfurt public prosecutors' office said.

Deutsche Bank said it is fully cooperating with authorities and will comment further when more details become available.

The prosecutors' office said that after federal police analyzed the so-called "Offshore Leaks" and "Panama Papers" reports of the International Consortium of Investigative Journalists, "the suspicion arose that Deutsche Bank helped clients with the establishment of so-called offshore entities in tax havens." Deutsche Bank is also suspected of helping clients transfer funds from illegal activities to German accounts, and failed to notify authorities of the suspected money laundering, the prosecutors' office said.

Prosecutors said that federal police and tax authorities participated in the searches, with more than a 170 police and officials involved.

Shares at 0950 GMT are down 2.4%.

Write to Max Bernhard at [e-mail] and Pietro Lombardi at [e-mail]

(END) Dow Jones Newswires

November 29, 2018 05:06 ET (10:06 GMT)

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