The offices of Germany's largest Bank searched for "laundering" money

The offices of Germany's largest Bank searched for

The offices of Germany's largest Bank searched for "laundering" money

A spokesman for Deutsche Bank declined comment about the continuation of the raid.

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

Around 170 police officers, prosecutors and tax inspectors searched the offices yesterday where written and electronic business documents were seized.

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.

In 2017, the bank was landed with a £506m fine by the Financial Conduct Authority for failing to prevent $10 billion of Russian money-laundering.

The prosecutors' office said that after the 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".

Security forces are investigating the actions of Deutsche Bank.

Lawyers added that Deutsche Bank employees are alleged to have breached their duties by neglecting to report money laundering suspicions about clients and offshore companies involved in tax evasion schemes.

Deutsche Bank offices raided in connection with Panama Papers
Deutsche Bank offices searched under money laundering investigation

Police cars stand in the backyard of Deutsche Bank headquarters during the raid in Frankfurt.

Deutsche Bank is one of the world's biggest banks and operates in 16 cities with more than 11,000 employees in large swathes of Europe, Asia and America.

Deutsche shares fell 3% after news of the raid emerged. More details will be communicated as soon as these become known.

It is separate from another money laundering scandal surrounding Danske Bank, where Deutsche Bank is involved.

Deutsche Bank has been under pressure after annual losses, and it agreed to pay a US$7.2 billion settlement with USA authorities previous year over its sale of toxic mortgage securities in the run-up to the 2008 financial crisis. Answer: Deutsche Bank. We pick up where we left off by examining how Trump first became involved with the worldwide colossus - a bank catering to clients who understood that sometimes the line between profit and illegality blurs.

Deutsche Bank has been under pressure after three consecutive years of losses.

The lender struck a $7.2 billion deal with the USA government in January 2017 to settle claims that it packaged and sold toxic mortgages.It was fined $630 million the same month over a Russian money laundering scheme.

Several other institutions besides Deutsche Bank have been fined by authorities in the US and Europe for not properly checking up on the beneficial owners of shell companies that send money through their accounts.

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