German prosecutors raid Deutsche Bank offices amid investigations into tax havens

Criminal police officers prosecutors and tax inspectors searched Deutsche Bank offices in and around Frankfurt

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A spokesman for Deutsche Bank declined to comment. The inquiries focus on events from 2013 to this year.

About 170 police officers, prosecutors and tax inspectors searched the offices and seized documents.

The bank tweeted: "It is true that the police is now conducting an investigation at a number of our offices in Germany".

Bank employees are suspected of having helped clients to establish the firm in tax oases and conducted banking transactions with the money obtained by illegal means, not stating the authorities on suspicion of money laundering.

In August, Deutsche Bank uncovered shortcomings in its screening process to fully identify clients and the source of their wealth, according to Reuters.

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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 Bank shares last traded at $9.42, with a volume of 11464800 shares traded.

The investigation is yet another headache for Deutsche Bank, which has struggled in recent years to turn a profit amid questions about its business strategy and direction, and the heavy financial burden of past misconduct.

"... Most importantly, the lack of transparency and regulatory control have made cryptocurrencies a target for criminal purposes and we know that they on several occasions have been involved in criminal transactions like money laundering or extortion", it reads.

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

The institution already is under investigation for another money laundering scandal involving Danske Bank in Denmark.

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

He has also alleged that family members of Russian President Vladimir Putin and Russia's spy agency were using the bank for money laundering.

A Deutsche Bank executive director has said the lender played only a secondary role as a so-called correspondent bank to Danske Bank.

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

The investigation is separate from another money laundering scandal surrounding the Danish lender Danske Bank, where Deutsche Bank is involved.

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United Kingdom regulator Georgina Philippou said at the time: "This case stands out for the seriousness and duration of the breaches by Deutsche Bank - something reflected in the size of today's fine".

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