Authorities are carrying out investigations at several German offices of Deutsche Bank over the Panama Papers scandal.

German police and the country’s public prosecutor’s office conducted searches on Thursday morning, including Deutsche Bank’s headquarters in central Frankfurt, in connection with the 2016 leak of around 11.5 million documents from Panama-based law firm Mossack Fonseca.

Miles Dean said that “It isn’t surprising that the effects of the Panama Papers are still being felt – the amount of information and resources available to tax authorities means that certain time lags are inevitable.

“The fact that Deutsche Bank’s share price has dropped by 3% in the wake of this latest scandal shows how important it is for banks to ensure that they have systems in place to prevent their employees from being at the centre of money laundering.

“Without banks, illicit funds – whether from criminal activity or tax evasion – cannot be laundered, so weak links within banks always have been and will, to an extent, continue to be integral.

“Thanks to global initiatives, such as the Foreign Account Tax Compliance Act (Fatca) and the Common Reporting Standard (CRS), the use of offshore trusts and companies has been significantly curtailed.

“That said, for legitimate transactions and tax planning, trusts and companies can still be deployed and remain useful tools for the tax practitioner.”

Read Miles’ comments in International Adviser