16 Apr 2019
Democratic lawmakers on Monday issued a subpoena to Deutsche Bank and requested documents from JPMorgan Chase, Bank of America and Citigroup as part ongoing probes into the US president’s financial ties to other nations and suspected money laundering in Russia and Eastern Europe.
The Deutsche Bank subpoena, issued by the House Intelligence and Financial Services committees, has been the subject of months of negotiations between lawmakers and the German lender as Democratic leaders continue to question whether President Donald Trump is concealing his financial ties to foreign parties, according to The New York Times, which first reported on the subpoena’s issuance.
The lawmakers requested documents from the three US-based banks as part of a probe into money laundering linked to Russia and Eastern Europe.
“The potential use of the US financial system for illicit purposes is a very serious concern,” Rep. Maxine Waters, the chairwoman of the Financial Services Committee, said in a statement to the newspaper. The committee is “exploring these matters, including as they may involve the president and his associates, as thoroughly as possible pursuant to its oversight authority.”
In a statement, Eric Trump called the subpoena an “unprecedented abuse of power and simply the latest attempt by House Democrats to attack the president and our family for political gain,” according to the report.
You can claim CPD minutes for reading this article, by signing up to our CPD WalletFREE CPD Wallet