Tax investigators and 170 police officers stormed Deutsche Bank’s head office in Frankfurt, Germany Thursday to investigate a possible money laundering scam linked to the…
Tax investigators and 170 police officers stormed Deutsche Bank’s head office in Frankfurt, Germany Thursday to investigate a possible money laundering scam linked to the Panama Papers.
Authorities raided six Deutsche bank branches, including the headquarters, Thursday and apprehended two bank employees in connection to a money laundering investigation linked to the Panama Papers, according to Business Insider .
The Panama Papers are a collection of 11.5 million leaked documents on offshore tax structures from Panama-based law firm, Mossack Fonseca. German newspaper Süddeutsche Zeitung leaked the encrypted confidential documents on April 3,2016, after an investigation by the International Consortium of Investigative Journalists.
A dozen current and former world leaders as well as 128 other public officials and politicians were named in the papers. Wealthy celebrities and businessmen were also exposed in the documents.
Prosecutors allege that the bank helped roughly 900 clients set up offshore companies in tax havens, laundering an estimated $354 million, according to Business Insider.
