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German police have raided Deutsche Bank headquarters

German police have raided Deutsche Bank headquarters
[Photo: Markus Bernet/Wikimedia Commons]

This morning police vehicles surrounded the Frankfurt headquarters of Deutsche Bank. According to the BBC, this was because German prosecutors believe the institution’s employees to be part of a grand money laundering scheme.

The revelations reportedly began with the 2016 Panama Papers, which detailed the then-secret, shady money dealings of international financiers. The German authorities began looking into the potentially illegal actions of the country’s largest bank as a result of those document leaks. Writes the BBC, the authorities are “looking into whether Deutsche Bank staff helped clients set up off-shore accounts to ‘transfer money from criminal activities.'”

The bank has been scrutinized for alleged money laundering for years now. Regulators fined it $630 million in 2017 over an illegal scheme with Russia. Currently, Deutsche Bank’s stock is down by over 3%.

According to the report, numerous bank records have been seized as part of this raid. You can read the full article here.

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