04 Mar 2019
Democratic lawmakers are seeking to question Deutsche Bank and dozens of individuals as part of a sweeping probe into alleged corruption, obstruction of justice and money laundering linked to President Donald Trump.
The chairman of the U.S. House Judiciary Committee disclosed plans Sunday to request records from 60 individuals with ties to Trump. Rep. Jerrold Nadler (D-NY) told ABC News that his committee would likely request documents from the U.S. Justice Department, Trump Organization chief financial officer Allen Weisselberg, current and former members of the administration, and Donald Trump Jr.
“We are going to initiate investigations into abuses of power, into corruption and into obstruction of justice,” Nadler said, during the interview.
Staffers from the House Financial Services Committee are separately negotiating with attorneys from Deutsche Bank to obtain records of the lender’s relationship with Trump, his children and the Trump Organization, according to Rep. Maxine Waters (D-CA), who chairs the committee.
“We’re going to find out a lot of about Deutsche Bank and that bank’s relationship with the president,” Waters said in a televised MSNBC interview Friday. “We are very concerned about money laundering.”
Since 1998, Deutsche Bank has lent or participated in loans totaling more than $2.5 billion to Trump and his businesses, according to The New York Times. The loans came as Trump’s standing with other banks waned and questions arose about his company’s financial ties to Russian lenders and oligarchs.
In December, Rep. Adam Schiff (D-CA) told NBC News that Democrats would probe Deutsche Bank’s ties to Trump’s businesses in light of a $425 million settlement reached between the lender and New York State in 2017 for violating anti-money laundering laws.
The bank, which agreed to hire an independent monitor as part of the settlement, failed to stop a “mirror trading” scheme that laundered $10 billion out of Russia through the institution’s affiliates in Moscow, London and New York, according to New York State Department of Financial Services.
“The concern about Deutsche Bank is that they have a history of laundering Russian money,” Schiff said, in the December interview. “They paid hundreds of millions of dollars in fines to the State of New York because they were laundering Russian money, and this apparently was the one bank that was willing to do business with the Trump Organization.”
Since assuming control of the House of Representatives in January, Democrats have launched a half-dozen committee investigations into various allegations against Trump, including his campaign’s alleged coordination with Russia in the 2016 election and suspected fraud linked to his charity and inaugural committee.
Advance your CPD minutes for reading this article, by signing up and using the CPD WalletFREE CPD Wallet