Like Countable?

Install the App
TRY NOW

House Committees Subpoena Deutsche Bank in Foreign Money Laundering Probe

Do you support the subpoenas?

by Axios | 4.15.19

The Democratic-led House Intelligence and Financial Services committees on Monday subpoenaed Deutsche Bank, JPMorgan Chase and several other banks to turn over records relating to potential money laundering by people in Russia and Eastern Europe, reports the New York Times.

"The potential use of the U.S. financial system for illicit purposes is a very serious concern. [The panel is] exploring these matters, including as they may involve the president and his associates, as thoroughly as possible pursuant to its oversight authority, and will follow the facts wherever they may lead us."

Maxine Waters, chair of the House Financial Services Committee


Why it matters: House Democrats are heightening their investigations into President Trump’s personal and business dealings — a top priority for them — less than two weeks after the House Ways and Means Committee formally asked the IRS to turn over 6 years of Trump's tax returns.

  • "Deutsche Bank’s longstanding relationship with Mr. Trump is a central element of the joint committee investigation. Over the past two decades, Deutsche Bank has been the only mainstream bank consistently willing to do business with Mr. Trump, who has a long history of defaults and bankruptcies," the Times notes.

Deutsche Bank spokeswoman, Kerrie McHugh, told the Times that the bank has "engaged in a productive dialogue" with the House panels, adding: "We remain committed to providing appropriate information to all authorized investigations in a manner consistent with our legal obligations."

  • Yes, but: Sources told the Times that attorneys for the company said they would notify the White House about any plan to release Trump-related materials.

Meanwhile, Eric Trump said in a statement to the Times that the subpoena is "an unprecedented abuse of power and simply the latest attempt by House Democrats to attack the president and our family for political gain."

Axios

Written by Axios

Follow this Action Center to stay updated on new posts

Leave a comment
(190)