| Author Details | (Compiler) |
|---|---|
| Author (Corporate) | Cardiff EDC |
| Publication Date | 2018 |
| Content Type | Overview |
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Summary: The Danske Bank has been under investigation of money-laundering charges since 2013. On 20 September 2018, new inquiries were made regarding the money-laundering of 200 billion euros through the Estonian branch of the bank between 2007-2015. The bank was unable to confirm the origins of the money. Yet, the bank did disclose that 23 % of the money originated from Russia. The Danish State Prosecutor for Serious Economic and International Crime (SOIK) filled preliminary charges against Danske Bank for violating the Danish Anti-Money Laundering Act, on 28 November 2018. Further information: The chief executive of Danske Bank Thomas Borgen resigned after the recent inquiry in the money-laundering scandal. The Danish Finanstilsynet or Financial Supervisory Authority (FSA) concluded earlier investigations in 2014 and in May 2018. The FSA will now re-open the investigation of the money-laundering at the Danske Bank. Not only the Danske Bank has been involved in the scandal, as Estonia admitted that 1 trillion euros flowed through the country between 2008-2017. The large amount far exceeds the economic output of the country, which indicates that a large sum of the money was not linked to economic activity in the country. Deutsche Bank has also been under investigation since 20 November, as it handled a sum of the suspicious money of Danske Bank. |
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| Subject Categories | Economic and Financial Affairs |
| Subject Tags | Monetary Affairs |
| Countries / Regions | Denmark, Estonia |
