Deutsche Bank Headquarters Raided Over Money Laundering

Deutsche Bank Headquarters Raided Over Money Laundering

Deutsche Bank Headquarters Raided Over Money Laundering

The FINANCIAL -- The Frankfurt headquarters of Deutsche Bank have been raided by prosecutors in a money laundering investigation.

Germany's public prosecutor alleged that two staff members have helped clients launder money from criminal activities.

Police cars were seen outside the tower blocks that house the headquarters of Germany's biggest bank.

Other Deutsche offices in the city were searched in an operation involving about 170 police and officials.

Prosecutors are looking into whether Deutsche Bank staff helped clients set up off-shore accounts to "transfer money from criminal activities".

The investigation was sparked by revelations in the 2016 "Panama Papers" - an enormous amount of information leaked from one of the world's most secretive companies, a Panamanian law firm called Mossack Fonseca.

What are the Panama Papers?

Deutsche Bank shares fell 3% after news of the raid emerged. The company confirmed that police had raided several locations in Germany and that it was co-operating fully with the probe.

reported by BBC