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The headquarters of Danske Bank in Copenhagen. (Photo: dpa)
Denmark's largest credit institution, Danske Bank, reportedly laundered some 53 billion kroner (8.3 billion euros) at its branch in Estonia. This is reported by the Financial Times. The money laundering allegedly took place between 2007 and 2015, from Eastern Europe, including Russia, Moldova and Azerbaijan.
Money laundering cases in the bank were known as early as 2015. The house of money then began to conduct internal investigations, the results of which are to be announced in September this year. In May of this year, Danish regulators found that the bank's controls were insufficient to allow "criminal activities involving large sums of money". The Danish Financial Supervisory Authority ordered the bank to set aside 5 billion kroner (about 800 million euros) to cover the consequences that could arise from further investigations.
In May, however, the authorities still received about 4 billion euros in laundered money. Commenting on the latest findings, the Danish Minister of Economic Affairs, Rasmus Jarlov, spoke of a "very serious" case, which is worsening day by day. According to the Danish newspaper Berlingske, the additional 4.3 billion euros that have been discovered relate to the case of the Russian listener Sergei Magnitsky. Magnitsky's findings led to an official investigation in Russia, aimed at obtaining illegal tax refunds for corrupt officials. Shortly after, Magnitsky himself – perhaps illegally – was arrested for tax evasion. His death is still unresolved
Danske Bank's share fell by three percent on Wednesday after the new discoveries became known.
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