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European Parliament to probe Deutsche Bank possible involvement with money laundering by Danske Bank and dealings with Trump

cde.news desk · 1 min read
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epa07209486 Figures of a statue ensemble at the roof of the Old Opera building in Frankfurt, with the Deutsche Bank building and signage on background, Frankfurt, Germany, 05 December 2018. Reports on 05 December state Deutsche Bank shares fell below 8 euros, a drop of 2.4 per cent, amid investigations into possible money laundering. It is only the second time Deutsche Bank's shares have fallen below 8 euros. The bank offices were raided by police 29-30 November, causing the bank shares to slip below 8 euros lever for the first time. EPA-EFE/MAURITZ ANTIN

European lawmakers on Monday will probe Deutsche Bank’s possible involvement with money laundering by Danske Bank — with their American counterparts watching closely as they investigate the German lender and its dealings with U.S. President Donald Trump.

The European Parliament’s committee on tax avoidance will ask at a hearing about Deutsche Bank’s role in helping the Danish entity move cash abroad. Danske Bank is under fire for funneling €200 billion ($229 billion) in non-resident money through its Estonian branch between 2007 and 2015. Since a Danske Bank whistleblower brought the possible scheme to light in 2018, Deutsche Bank has said it is cooperating with inquiries from regulators and law enforcement worldwide.

Deutsche’s CEO Christian Sewing said Friday that the bank “currently [does] not have any … indications of wrongdoing” in the case and was providing “full cooperation with authorities when it comes to Danske Bank.”

EU lawmakers will ask Stephan Wilken, Deutsche Bank’s group anti-money laundering officer, for starters, why the German-based powerhouse is mentioned in connection with so many money-laundering scandals, including the Panama Papers case. MEPs want to know what the bank’s own investigations have found, if Deutsche Bank employees are under criminal investigation — anywhere — and what it’s doing to monitor and prevent money laundering.

 

Topics Danske BankDeutsche BankDonald TrumpGermany