Featured Germany

Deutsche Bank took years to flag suspect Danske money flows – source

Deutsche Bank did not disclose more than one million suspect money transfers with Danske Bank until February, a person with direct knowledge of the matter said, about five years after a whistleblower flagged suspicious transactions at Danske. Deutsche (DBKGn.DE) sent alerts about the suspect money flows involving the… Read More

Inside a Brazen Scheme to Woo China: Gifts, Golf and a $4,254 Wine

It was a brazen campaign to win business in China by charming and enriching the country’s political elite. The bank gave a Chinese president a crystal tiger and a Bang & Olufsen sound system, together worth $18,000. A premier received a $15,000 crystal horse, his Chinese zodiac animal, and his… Read More

Deutsche Bank pulls the plug on Malta

Deutsche Bank has confirmed it is pulling the plug on its correspondent banking services to local financial institutions, making it more difficult for them to offer dollar-denominated transactions. The decision follows on from a hard-hitting assessment by the Council of Europe’s anti-money laundering body about Malta’s failure to adequately combat… Read More
14th October 2019
European Union taxpayers held assets worth at least $1.6 trillion offshore in 2016, equal to nearly 10% of the bloc’s output, the European Commission said on Friday, estimating tax revenue losses at around $50 billion a year. In a report, the Commission said taxpayers in the Mediterranean islands of Cyprus… Read More
3rd October 2019
One sunny Wednesday in February, a gangly man in a sports jacket and a partly unbuttoned paisley shirt walked into the Los Angeles field office of the F.B.I. At the reception desk, he gave his name — Val Broeksmit — and began to pace anxiously in the lobby. Mr. Broeksmit… Read More
26th September 2019
German authorities have raided Deutsche Bank’s (DBKGn.DE) Frankfurt headquarters in search of information related to Danske Bank (DANSKE.CO) and a money laundering scandal, Frankfurt prosecutors said on Wednesday. They are investigating whether Germany’s biggest bank facilitated money laundering and whether it failed to alert authorities about… Read More
20th September 2019
The parliamentary foreign affairs commission on Tuesday approved a draft resolution supporting Belgium’s membership of INSTEX, the European special purpose company that is required to allow trade with Iran despite American sanctions. In 2015, an agreement was reached between Iran and the five members of the UN Security Council as… Read More
17th September 2019
Germany’s biggest tax scandal has landed the masters of the financial universe with an unflattering label: criminal organizations. It’s an allegation not leveled by finger-wagging populist crusaders, but prosecutors seeking to push their case beyond a probe of lost revenue. Now two dozen financial institutions caught up in the so-called… Read More
12th September 2019
Commerzbank AG’s offices in Frankfurt were searched Tuesday as German authorities continued their investigations into a widening tax scandal involving multiple global lenders. The raids are tied to controversial trading practice across the industry known as Cum-Ex, according to a person with knowledge of the matter who asked not… Read More
10th September 2019
U.S. congressional investigators have identified possible failures in Deutsche Bank AG’s (DBKGn.D) money laundering controls in its dealings with Russian oligarchs, after the lender handed over a trove of transaction records, emails and other documents, three people familiar with the matter said. The congressional inquiry found instances where… Read More
6th September 2019
Ever since the 2008 financial crisis, US financial misconduct fines have led the world.  However, defenders of Europe’s more collegiate approach to tackling banks’ money-laundering shortcomings say US banks also lead the world for de-risking, shunning some of the globe’s poorest countries from access to the dollar system. … Read More
5th September 2019
A European trade mechanism to barter humanitarian and food goods with Iran will not work until Tehran sets up a mirror company and meets international standards against money-laundering and terrorism financing, a French diplomatic source said. Britain, France and Germany, parties to a 2015 nuclear deal with Iran along with… Read More
27th August 2019
Deutsche Bank had repeatedly failed to secure work with a Russian government entity when it was approached with a proposal: Hire the daughter of a high-ranking official at the organization. “We must do it!” a senior Deutsche Bank official said, according to the Securities and Exchange Commission. “We should… Read More