|Author (Corporate)||Cardiff EDC|
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.
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.
|Subject Categories||Economic and Financial Affairs|
|Subject Tags||Monetary Affairs|
|Countries / Regions||Denmark, Estonia|