The German police raided Deutsche Bank's Frankfurt headquarters and several of its other offices in Germany. The raid was part of an effort to obtain information about whether the bank assisted its customers - many identified in the Panama Papers - in laundering proceeds of crime. The raid was one of the largest of its kind.
According to company communications, Deutsche Bank has provided the authorities with all pertinent information with respect to the Panama Papers and will cooperate with the local prosecutor's office in Frankfurt, Germany.
Commentary / Jodi Avergun
There has not yet been a comprehensive criminal case against a bank stemming from the revelations in the Panama Papers. It is not clear what caused the German authorities to take this action today. Many EU states are under fire for lackluster enforcement of the EU AML directives. It is notable that this enforcement action occurred on the eve of the G-20 summit, where AML is often on the agenda.
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
