Dankse Bank Ordered To Stop Activities In Estonia After Another Money Laundering Case
The banks just love to say that cryptos can be used for money laundering. “Cryptos are not safe”, they say, “they are not compliant with Anti-Money Laundering (AML) policies”, they say, but the truth is that the banks launder a lot more money than cryptos.
No one is saying here that cryptos were never used for money laundering. In fact, they were. They were used a lot more times than they should have, but the small amount of money laundered with cryptos is infinitely small when compared to what commercial banks generally do. We have seen another case of that today.
Danske Bank, which was already involved in a huge money laundering scheme last year, was ordered to close up and shut down its activities in Estonia after it was discovered that the bank was involved in another case of money laundering.
The bank is under investigation in Denmark, Estonia, the U. K. and the U. S. after it has laundered a lot of money last year, around $200 billion EUR. Now, it was reported by BBC that the Tallinn branch of the bank will be ordered to close because of a lot of the money that was laundered was flowing through there.
According to Jesper Nielsen, the interim chief executive of the bank, Danske Bank would comply with the order and close their branches in this country and some others. He says that the bank acknowledges that the money laundering had a negative impact on the country and that activities will be discontinued.
Estonia’s financial regulator also demanded that the customer deposits from the bank should be repaid in until eight months.
This decision was taken after the regulators deemed that the bank went too far and breached too many regulations in a very large scale, which has dealt a serious blow to the confidence and the reputation of the Estonian market. This way, the bank had no choice but to simply be ordered to leave and comply.
Danske Bank’s CEO, Thomas Borgen, resigned last year after the scandal broke out. The sum of the money laundered by the bank was bigger than the whole crypto market cap, which is a great example of how banks are still the greatest money launders of all time. The bank was also receiving more scrutiny in the U. S. after the occasion, as the local regulators suspected even more foul play.
Short The Bankers
Anthony Pompliano, the creator of Morgan Creek Digital Assets, has recently talked about the bank closing up in Estonia. He affirmed that most criminals are not using Bitcoin but USD. “Long Bitcoin, short the bankers”, he affirmed, commemorating that the bank is closing its doors after it was caught.
According to a recent Bloomberg article, banks transact at least $2 trillion USD in money laundering each year. The crypto market cap is only around $130 billion USD. These numbers are worrisome and they prove that banks are the ultimate outlaws, not crypto.