Deutsche Bank Police Raids To Continue On Friday

Thursday, November 29, 2018
By Paul Martin

by Tyler Durden
ZeroHedge.com
Thu, 11/29/2018

Update: The fun isn’t over for Deutsche Bank (and its weary shareholders). In fact, it might only be just beginning.

Commenting to German newspaper Handelsblatt, the Frankfurt prosecutors office said it is investigating DB’s role in help clients stash their money in offshore tax shelters while helping launder proceeds from illegal activities without informing German regulators. The wrongdoing that is being investigated allegedly began in 2013 and continued through this year. In a sign that the probe could run much deeper than initially believed, prosecutors said that gathering evidence will likely require them to continue searching DB’s offices for a second day on Friday.

The investigation, which was inspired by revelations contained within the ‘Panama Papers’ leak of client records from offshore law firm Mossack Fonseca, is so detailed that it will require searches to continue for a second day.

The investigations relate at least to a period from 2013 to 2018 and have been running since August 2018,” said Nadja Niesen, spokeswoman for the Frankfurt public prosecutor’s office.

A spokesman for DB said the bank believed it had provided authorities with all of the documents they had requested.

“We felt that we had provided the authorities with all relevant information about the Panama Papers. Of course, we will cooperate closely with the public prosecutor’s office in Frankfurt am Main, because we too are anxious to clarify all suspicions. In recent years, we have always proven that we fully cooperate with the authorities. And we will continue to do so.

One outside legal expert quoted by the newspaper said Deutsche’s board had failed to properly ensure that the bank had effective compliance controls in place.

Michael Hendricks, an attorney and expert in manager liability cases, says he sees the board as an obligation. “It is the foremost task of a board of directors to ensure an effective compliance system. Apparently, this does not work for Deutsche Bank. This is terrifying because the bank is always conspicuous,” says Hendricks.

The Rest…HERE

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