FRANKFURT: Police raided six Deutsche Bank offices in and around Frankfurt on Thursday over money laundering allegations linked to the ”Panama Papers”, the public prosecutor’s office in Germany’s financial capital said. Deutsche Bank shares were down more than 3% by 1220 GMT and have lost almost half their value this year. The investigation is separate from another money laundering scandal surrounding Danish lender Danske Bank, where Deutsche Bank is involved. A Deutsche Bank executive director has said the lender played only a secondary role as a so-called correspondent bank to Danske Bank, limiting what it needed to know about the people behind the transactions. Last year, Deutsche Bank was fined nearly $700 million for allowing money laundering through artificial trades between Moscow, London and New York.

Source: The Star November 29, 2018 13:07 UTC