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Deutsche Bank has been the subject of a search today for suspicion of money laundering. The German institution was stormed by 170 officials and, strangely enough, no Bitcoin was found on the scene.
Deutsche Bank claims to have processed $ 354 million in "dirty money" in 2016
In the way traditional media talk about Bitcoin in relation to financial crimes, anyone could think that money laundering is a completely new phenomenon, made possible by groundbreaking innovation in the field. financial technologies. Of course, this is not the case and the point has been magnificently highlighted by today's news that Deutsche Bank AG has been raided on allegations of concealment of ill-gotten funds.
According to Frankfurt-based prosecutors, suspicions of money laundering in the bank go back to the 2016 Panama Papers.
However, the subsequent investigation covers the period from 2013 to 2018. Two of the bank's employees were identified as the main suspects of the investigation. All we know about the pair is their ages, 50 and 46 years old. No name has been given yet.
During today's search, 170 German officials stormed the Deutsche Bank buildings in Frankfurt. They seized documents – both electronic and physical – as part of the operation that took place just before 9 o'clock this morning.
The five-year investigation triggered by the Panama Papers uncovered evidence suggesting that the German lender had participated in the creation of off-shore accounts for clients located in various tax havens. The bank is also accused of not reporting suspicious accounts that would have been used to receive illegally obtained cash. The investigation relates to the Deutsche Bank branch in the British Virgin Islands. According to a report released in Bloomberg, prosecutors said more than $ 354 million had been processed by the unit in 2016 alone.
Deutsche Bank is one of the most condemned financial institutions in all of Europe. Over the past decade, he has spent more than $ 18 billion on litigation and fines for financial offenses. The only bank to have increased its amount is the Royal Bank of Scotland Group Plc. He had to pay $ 100 million more than the amount accumulated by Deutsche Bank.
Markus Riesselmann, Analyst at Independent Research, spoke about the current situation of the bank:
"Just when you thought that Deutsche Bank had left its legal problems behind, there are still more … Investors really want to be able to focus on the bank's operations, so this sound around them does not help much in the mood. "
Related reading: Deutsche Bank veteran leaves the ship and joins the Japanese crypto purse
Money laundering did not start with Bitcoin
Despite the talk in the mainstream media about the use of Bitcoin to launder money, Deutsche Bank employees were able to commit their financial crimes without using digital currency. Maybe then, it's not bitcoin that's the problem.
That said, many big names in the world of traditional finance continue to rejoice to denounce Bitcoin for apparently having played a role in money laundering operations around the world. However, evidence suggests that in reality, less than 1% of Bitcoin transactions are used for any crime, financial or otherwise.
To use the threat that something could be used for a harmful reason as a reason to discredit such a thing is frankly ridiculous. That said, it is not new. The Internet was attacked at the beginning of its existence on the grounds that it would allow badgraphy featuring children and terrorist organizations, for example.
Certainly, the Internet has helped to facilitate these criminal acts.
However, this has also allowed people to keep in touch with lost friends, order any product imaginable from the comfort of their homes and even the playground for content creators of all kinds. These benefits far outweigh the negative impacts of the technology.
Similarly, a tiny minority could use bitcoin to launder money. However, the financial freedom it brings to the world is well worth this slight inconvenience. In addition, as highlighted by the Deutsche Bank raid today, money laundering will continue with or without Bitcoin.
Selected image of Shutterstock.
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