Deutsche Bank Raided as Part of Panama Papers Probe

Deutsche Bank headquarters has been raided by German authorities as part of a probe into money-laundering allegations. Bloomberg News reports police pulled up to Deutsche Bank’s Frankfurt office shortly before 9 a.m. (3 a.m. ET) in an operation involving about 170 officers. They targeted two unidentified bank employees aged 50 and 46 who are alleged by Germany’s public prosecutor to have helped clients launder money from criminal activities. Other Deutsche offices in the city were also raided. Prosecutors are investigating if Deutsche Bank helped clients set up offshore accounts to transfer money from illegal activity—a probe sparked by the 2016 Panama Papers, which exposed an enormous amount of dubious financial information. Deutsche Bank shares fell 3 percent after news of the raid was reported. The company said it was co-operating fully with the probe.