Deutsche Bank keeping EU lawmakers in dark over money laundering troubles, says MEP
08 Feb 2019

Deutsche Bank has been accused of deliberately refusing to shed light on its financial crime issues to an EU committee investigating money laundering and other financial crime in the bloc.

In recent months, the top German lender has been named as one of the main banks linked to the Danske Bank €200 billion money laundering affair, which has been dubbed Europe’s ‘biggest scandal.’ Also in November, German police raided Deutsche’s offices regarding a Panama Papers investigation, which is understood to involve money laundering.

Members of the European Parliament (MEPs) had invited a Deutsche Bank representative to appear before the Tax3 Special Committee on Financial Crimes, Tax Evasion and Tax Avoidance, to shed more light on the various cases affecting its public image.

In an announcement before the meeting, Tax3 said the representative would describe the bank’s internal policy as well as preventative measures.

However, following the meeting on 4 February in which Deutsche Head of Anti Financial Crime Stephan Wilken testified, outspoken Tax3 committee member Sven Giegold said: “Deutsche Bank refuses to provide information. It refused more persistently than any other bank in the European Parliament to make concrete statements on individual cases of money laundering. It is disrespectful towards the European Parliament to keep the MEPs so much in the dark.

“Even beyond individual cases: the money laundering commissioner Wilken was not prepared or in a position to quantify the legal risks from financial crime. He referred to the financial statement instead.

“Likewise, he could not or would not name how many employees had to resign because of involvement in financial crime. He says only vaguely that there were very few of them. The hearing was a missed opportunity to regain public trust.”

Wilken is also the bank’s Group Anti Money Laundering Officer.

Asked to respond to Giegold’s remarks, A Deutsche Bank spokesman said, via email to KYC360: “We are, of course, cooperative and as transparent as possible in all investigations, but we must abide by the law – so there are limits to what we can disclose.”

– Irene Madongo

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One Response to “Deutsche Bank keeping EU lawmakers in dark over money laundering troubles, says MEP”
Ngozi Adeyemo

Ngozi Adeyemo February 8, 2019

It would be interesting to know what law or laws Deutsche’s spokesperson was referring to given the numerous money laundering offences the bank has been involved in.

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