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Related: About this forumDeutsche Bank faces action over $20bn Russian money-laundering scheme
Source: The Guardian
Deutsche Bank faces action over $20bn Russian money-laundering scheme
Exclusive: in confidential internal report seen by the Guardian, bank says scandal has hurt global brand
Luke Harding
Wed 17 Apr 2019 11.01 BST Last modified on Wed 17 Apr 2019 14.37 BST
Germanys troubled Deutsche Bank faces fines, legal action and the possible prosecution of senior management because of its role in a $20bn Russian money-laundering scheme, a confidential internal report seen by the Guardian says.
The bank admits there is a high risk that regulators in the US and UK will take significant disciplinary action against it. Deutsche concedes that the scandal has hurt its global brand and is likely to cause client attrition, loss of investor confidence and a decline in its market value.
Deutsche Bank was embroiled in a vast money-laundering operation, dubbed the Global Laundromat. Russian criminals with links to the Kremlin and the KGB used the scheme between 2010 and 2014 to move money into the western financial system. The cash involved could total $80bn, detectives believe.
Shell companies typically based in the UK loaned money to each other. Companies then defaulted on this large fictitious debt. Corrupt judges in Moldova authenticated the debt with billions transferred to Moldova and the Baltics via a bank in Latvia.
Deutsche Bank was used to launder the money via its corresponding banking network effectively allowing illegal Russian payments to be funnelled to the US, the European Union and Asia.
-snip-
Exclusive: in confidential internal report seen by the Guardian, bank says scandal has hurt global brand
Luke Harding
Wed 17 Apr 2019 11.01 BST Last modified on Wed 17 Apr 2019 14.37 BST
Germanys troubled Deutsche Bank faces fines, legal action and the possible prosecution of senior management because of its role in a $20bn Russian money-laundering scheme, a confidential internal report seen by the Guardian says.
The bank admits there is a high risk that regulators in the US and UK will take significant disciplinary action against it. Deutsche concedes that the scandal has hurt its global brand and is likely to cause client attrition, loss of investor confidence and a decline in its market value.
Deutsche Bank was embroiled in a vast money-laundering operation, dubbed the Global Laundromat. Russian criminals with links to the Kremlin and the KGB used the scheme between 2010 and 2014 to move money into the western financial system. The cash involved could total $80bn, detectives believe.
Shell companies typically based in the UK loaned money to each other. Companies then defaulted on this large fictitious debt. Corrupt judges in Moldova authenticated the debt with billions transferred to Moldova and the Baltics via a bank in Latvia.
Deutsche Bank was used to launder the money via its corresponding banking network effectively allowing illegal Russian payments to be funnelled to the US, the European Union and Asia.
-snip-
Read more: https://www.theguardian.com/business/2019/apr/17/deutsche-bank-faces-action-over-20bn-russian-money-laundering-scheme
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Deutsche Bank faces action over $20bn Russian money-laundering scheme (Original Post)
Eugene
Apr 2019
OP
And Deutsche just happened to have 100's of Million$ to loan to Trump when nobody else would ...
mr_lebowski
Apr 2019
#2
donkeypoofed
(2,187 posts)1. Deutsche Bank needs to be shut down
They're practically openly money laundering. Get rid of them, that's what I say.
mr_lebowski
(33,643 posts)2. And Deutsche just happened to have 100's of Million$ to loan to Trump when nobody else would ...
And Russia wanted Trump to win ... and he said on the campaign trail he wanted to get rid of the Sanctions on Russia ... what a coincidence ...