German banks involved in illegal internet casinos

BERLIN: Three German banks are involved in processing payments for illegal online casinos, research by two local media organisations has revealed following the so-called Paradise Papers leak.
German banks DZ Bank, Postbank and Hypovereinsbank were reportedly involved in accepting money for illegal gambling, a report by German newspaper Sueddeutsche Zeitung, in conjunction with broadcaster NDR, said late Tuesday.
The online activity could make the companies guilty of assisting illegal gambling and may constitute money laundering, the Sueddeutsche quoted the Interior Ministry of the German state of Lower Saxony as saying.
In response, Hypovereinsbank said it had followed all legal and regulatory guidelines, including those regarding money laundering, while the DZ Bank said it was looking into the situation. Postbank said it had followed German law.
The findings came out following an investigation of the contents of a massive leak of 13.4 million documents from an offshore law firm and a trust company in Singapore, known as the Paradise Papers.
The documents were obtained by Germany's Sueddeutsche Zeitung and shared with the International Consortium of Investigative Journalists (ICIJ).
They document the dealings of financial institutions, tech giants and other brands such as sports goods manufacturer Nike.
The documents also revealed that Formula One champion Lewis Hamilton avoided at least £4 million (RM22 million) in taxes during the purchase of his private jet, the German newspaper said. – dpa