The incoming Democrat chairman of the intelligence committee in the US House of Representatives questioned ties between Deutsche Bank and President Donald Trump’s real estate business.
Adam Schiff said Deutsche Bank paid hundreds of millions of dollars in fines to the state of New York for laundering Russian money, and that it was the one bank willing to do business with the Trump Organization.
“Now, is that a coincidence?” Mr Schiff said on Sunday. “If this is a form of compromise, it needs to be exposed.”
That could add his panel’s scrutiny to that of fellow Democrat Maxine Waters, who is in line to be chair of the House Financial Services Committee and has also focused on the bank’s connections to Mr Trump.
Mr Schiff’s comments came three days after Wall Street critic Elizabeth Warren of Massachusetts and fellow Senate Democrat Chris Van Hollen called for a Banking Committee investigation of Deutsche Bank’s compliance with US money-laundering regulations.
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Read more:
Deutsche Bank raided by police in money-laundering probe
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In an interview with the New Yorker which was published on Friday, Mr Schiff said the Intelligence Committee is "going to be looking at the issue of possible money laundering by the Trump Organization, and Deutsche Bank is one obvious place to start".
A Senate investigation, which Ms Warren and Mr Van Hollen want to see followed by a report and a hearing, could put further pressure on the lender. The written request from the senators, sent on December 13, cites Deutsche Bank’s “numerous enforcement actions” and a recent raid by police officers and tax investigators in Germany.
It also notes the lender’s US operations being implicated in cross-border money-laundering accusations such as in a recent case involving Danish lender Danske Bank A/S and the movement of $230 billion (Dh844.67bn) in illicit funds.
“The compliance history of this institution raises serious questions about the national security and criminal risks posed by its US operations,” the senators said in their letter. “Its correspondent banking operations in the US serve as a gateway to the US financial system for Deutsche Bank entities around the world.”
Troy Gravitt, a Deutsche Bank spokesman, responded that the company “takes its legal obligations seriously and remains committed to co-operating with authorised investigations”.
Mr Van Hollen, a Maryland Democrat, questioned the Federal Reserve earlier this year about how it would keep the White House from interfering with oversight of the lender, which had been a major lender to Trump’s real estate business.
Mr Schiff, a target of Mr Trump’s on Twitter, also referred to reported comments by the president’s sons some years ago that they didn’t need “to deal with US banks because they got all of the cash they needed from Russia or disproportionate share of their assets coming from Russia”. He said on Sunday that he expects to learn more about that claim through financial records.
Paris Agreement
Article 14
1. [The Cop] shall periodically take stock of the implementation of this Agreement to assess the collective progress towards achieving the purpose of this Agreement and its long-term goals (referred to as the "global stocktake")
2. [The Cop] shall undertake its first global stocktake in 2023 and every five years thereafter
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
ANATOMY OF A FALL
Director: Justine Triet
Starring: Sandra Huller, Swann Arlaud, Milo Machado-Graner
Rating: 5/5
HOW TO ACTIVATE THE GEMINI SHORTCUT ON CHROME CANARY
1. Go to chrome://flags
2. Find and enable Expansion pack for the Site Search starter pack
3. Restart Chrome Canary
4. Go to chrome://settings/searchEngines in the address bar and find the Chat with Gemini shortcut under Site Search
5. Open a new tab and type @ to see the Chat with Gemini shortcut along with other Omnibox shortcuts to search tabs, history and bookmarks
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures
What is tokenisation?
Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets.
Celta Vigo 2
Castro (45'), Aspas (82')
Barcelona 2
Dembele (36'), Alcacer (64')
Red card: Sergi Roberto (Barcelona)
If you go
The flights
Emirates flies from Dubai to Funchal via Lisbon, with a connecting flight with Air Portugal. Economy class returns cost from Dh3,845 return including taxes.
The trip
The WalkMe app can be downloaded from the usual sources. If you don’t fancy doing the trip yourself, then Explore offers an eight-day levada trails tour from Dh3,050, not including flights.
The hotel
There isn’t another hotel anywhere in Madeira that matches the history and luxury of the Belmond Reid's Palace in Funchal. Doubles from Dh1,400 per night including taxes.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
SPECS
Engine: Dual electric motors with 102kW battery pack
Power: 570hp
Torque: 890Nm
Range: Up to 428km
On sale: Now
Price: From Dh1,700,000
SPEC SHEET: APPLE M3 MACBOOK AIR (13")
Processor: Apple M3, 8-core CPU, up to 10-core CPU, 16-core Neural Engine
Display: 13.6-inch Liquid Retina, 2560 x 1664, 224ppi, 500 nits, True Tone, wide colour
Memory: 8/16/24GB
Storage: 256/512GB / 1/2TB
I/O: Thunderbolt 3/USB-4 (2), 3.5mm audio, Touch ID
Connectivity: Wi-Fi 6E, Bluetooth 5.3
Battery: 52.6Wh lithium-polymer, up to 18 hours, MagSafe charging
Camera: 1080p FaceTime HD
Video: Support for Apple ProRes, HDR with Dolby Vision, HDR10
Audio: 4-speaker system, wide stereo, support for Dolby Atmos, Spatial Audio and dynamic head tracking (with AirPods)
Colours: Midnight, silver, space grey, starlight
In the box: MacBook Air, 30W/35W dual-port/70w power adapter, USB-C-to-MagSafe cable, 2 Apple stickers
Price: From Dh4,599
KILLING OF QASSEM SULEIMANI
The five pillars of Islam
2024 Dubai Marathon Results
Women’s race:
1. Tigist Ketema (ETH) 2hrs 16min 7sec
2. Ruti Aga (ETH) 2:18:09
3. Dera Dida (ETH) 2:19:29
Men's race:
1. Addisu Gobena (ETH) 2:05:01
2. Lemi Dumicha (ETH) 2:05:20
3. DejeneMegersa (ETH) 2:05:42
Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
SPECS: Polestar 3
Engine: Long-range dual motor with 400V battery
Power: 360kW / 483bhp
Torque: 840Nm
Transmission: Single-speed automatic
Max touring range: 628km
0-100km/h: 4.7sec
Top speed: 210kph
Price: From Dh360,000
On sale: September
The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
Seemar’s top six for the Dubai World Cup Carnival:
1. Reynaldothewizard
2. North America
3. Raven’s Corner
4. Hawkesbury
5. New Maharajah
6. Secret Ambition
Company Profile
Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000