Deutsche Bank, who loaned £260 million to Donald Trump, played a prominent role in a money laundering scandal run by Russian criminals with ties to the Kremlin. Dozens of western financial institutions processed circa £16 billion in money of “criminal origin” from Russia.
Law enforcement agencies are investigating how politically well-connected Russians managed to use UK-registered companies to launder the cash. The companies made fictitious loans to each other, underwritten by Russian businesses.
In January, the UK and US imposed record £500m fines on Deutsche for its role in another money laundering scam run from its Moscow office. The bank failed to prevent £8bn of Russian money being laundered in a complex “mirror trades” operation.