$150 Billion May Have Been Laundered By Denmark’s Largest Bank
Gathered information reveals that companies from Russia and some parts of the formal soviet Unions are now using Estonia as a money laundering save haven.
Findings on how things are being done in the Estonian branch of Denmark’s largest bank has hinted that around $150 billion is being investigated to have links with money laundering.
Financial investigators involved in the matter at Danske Bank (CPH: DANSKE), the largest bank in Denmark, are now purportedly looking into a colossal sum of $150 billion worth of transactions which were done in the Estonian branch between 2007 and 2015.
It is possible that all this fund might not have been gotten, however, this is an indication there is possibility that the bank is involved in money in Russia and other parts of Europe.
In 2017, Danish media sources aired that the alleged laundered funds at $3.9 billion. However, in early June, the figure jumped to between $8 and $9 billion.
Also, FT published that around $30 billion may be suspect to be laundered. As a result, Danske Bank’s stock price has witnessed a shake due to this findings.
“Any conclusions should be drawn on the basis of verified facts and not fragmented pieces of information taken out of context,” Danske Bank chairman Ole Andersen told the Wall Street Journal which brought up the $150 billion figure. “As we have previously communicated, it is clear that the issues related to the portfolio were bigger than we had previously anticipated.”
In Estonia, individual involved in money laundering may face up to 10 years jail term, but company involved in crime like this may be told to pay 16 million euros as penalty.
Meanwhile, the bank board has said it will use money from suspicious transactions on achieving some things in the society, especially efforts geared towards fighting financial crimes.
The CEO of the bank, Thomas F. Borgen said at that time: “It is still too early to draw any conclusions regarding the extent of the issues, as the comprehensive investigations into the matter are still ongoing.
However, it is clear that we did not live up to our own standards or the expectations of society at large when it came to preventing our Estonian branch from being used for potentially illegal activities at the time when these transactions took place. This is something we deeply regret and which we should not benefit from financially in any way. Therefore we will not keep the income from these suspicious transactions,” CEO Thomas F. Borgen, said at the time.