German Police Raid Deutsche Bank Headquarters

Panama Papers: German Police Raid Deutsche Bank Headquarters Over Alleged Money Laundering, Stock Hits All Time Low

In what appears to be the latest in a string of financial crimes and scandals that have generated some $18 billion in fines since the financial crisis, prosecutors are investigating whether two employees in the bank’s wealth management division helped clients set up accounts in offshore tax havens, including the British Virgin Islands, and possibly allowed criminals to move money through these shelters, some of which may have flowed through accounts at the bank (other employees may also have been involved, prosecutors said).
According to the Financial Times the illicit transactions that two DB wealth management employees neglected to flag in 2016 alone stood at €311 million ($353 million), but people familiar with the case is almost certainly much larger, given that the suspicious activity continued for five years.

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Financial Crime

The Global Financial Crime Wave Is No Accident

From the LIBOR-rigging scandal to the offshore secrets of the Panama Papersand ‘dark money’ in the Brexit vote, it is everywhere. In my recent work with anti-corruption group Global Witness, I saw first-hand how ordinary people in some of the world’s poorest countries suffer the consequences of corruption and financial crime. We exposed suspicious mining and oil deals in Central Africa, in which over a billion dollars of desperately-needed public finances were lost offshore. The story is about the West as much as Africa. The deals were routed through a dizzying web of offshore shell companies in the British Virgin Islands, often linked to listed companies in London, Toronto and elsewhere.
For Strange, money laundering, tax evasion and public embezzlement were a result of the collapse in the 1970s of the post-war financial order.

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Social Media in Mobile

Mass Surveillance/The Orwellian Government is Coming to Indonesia and Why it is Undemocratic

Indonesian government is trying to establish an authoritarian fascist system by planning to spy on taxpayers’ social media activity in order to boost tax revenue, it claimed. Mass surveillance is a violation of privacy, freedom and fundamental human rights. Facebook has become a threat to global democracy. As suggestion on how to increase tax revenue, here is a leak from Panama Papers, which lists as many thousands of Indonesians who own offshore accounts.

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