Germany buys Panama Papers for $5.7m

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Berlin - Germany has stepped up its campaign against organized crime by spending 5 million euros (5.7 million dollars) to buy the so-called Panama Papers, which contain a list of those exploiting secret offshore tax havens.

Berlin officials confirmed on Tuesday that Germany's Federal Criminal Police Office (BKA) had bought the papers, which were published last year, as part of its bid to track down on possible German-based tax fraudsters.

More at: http://www.iol.co.za/news/world/germany-buys-panama-papers-for-57m-10132098
 
https://www.bbc.com/news/business-46382722

The Frankfurt headquarters of Deutsche Bank have been raided by prosecutors in a money laundering investigation.

Germany's public prosecutor alleged that two staff members have helped clients launder money from criminal activities.

Police cars were seen outside the tower blocks that house the headquarters of Germany's biggest bank.

Other Deutsche offices in the city were searched in an operation involving about 170 police and officials.

Prosecutors are looking into whether Deutsche Bank staff helped clients set up offshore accounts to "transfer money from criminal activities".

In 2016 alone, more than 900 customers were served by a Deutsche Bank subsidiary registered in the British Virgin Islands, generating a volume of €311m, the prosecutors allege.

The investigation was sparked by revelations in the 2016 "Panama Papers" - an enormous amount of information leaked from a Panamanian law firm called Mossack Fonseca.
 
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