Investigation focuses on employees suspected of helping clients create offshore entities in tax havens
By Jenny Strasburg, Ulrike Dauer and Patricia Kowsmann | 29 November 2018
THE WALL STREET JOURNAL — German authorities raided Deutsche Bank AG offices as part of an investigation into whether the firm helped clients launder money through tax havens. One of the employees suspected of involvement works in the division responsible for fighting financial crime, according to people familiar with the matter.
Around 170 police officers and other officials seized documents during searches through six different properties, including one employee’s home, according to authorities.
Police vehicles were lined up outside Deutsche Bank’s central Frankfurt headquarters in the morning, and officials were expected to return Friday, according to people close to the bank. Areas they were searching in the late afternoon included management-board offices, one of the people said.
It couldn’t be determined how many people were being investigated, but the probe includes two unidentified Deutsche Bank employees aged 50 and 46 and other unidentified employees suspected of helping clients create offshore entities in tax havens, the prosecutor’s office said in a statement. The person who works in the financial crime-fighting division remained an employee Thursday, the people said. […]