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It is clear that Danske Bank has failed to live up to its responsibility in the case of possible money laundering in Estonia. So said Thomas Borgen, CEO of Denmark’s biggest financial institution, when he resigned after admitting that around €200 billioDanske Bank: the story of Europe's biggest money laundering scandal
It is clear that Danske Bank has failed to live up to its responsibility in the case of possible money laundering in Estonia. So said Thomas Borgen, CEO of Denmark’s biggest financial institution, when he resigned after admitting that around €200 billion of questionable money flowed through the Danish bank’s Estonian branch from 2007-15. To put that figure into some perspective, the GDP of Estonia in 2017 was €29 billion and the figure in question is approaching two thirds of the GDP of Denmark itself at €324 billion. It raises serious questions over the capacity of banks – and governments – to combat the serious scourge of money laundering. The European Commission has called the case the “biggest scandal in Europe” and Danske Bank and Denmark and Estonia’s financial watchdogs face an inquiry from the European Union’s banking supervisor to see whether they broke the law. Money laundering facilitates crime, undermines financial systems and ultimately can seriously damage economies. This is all well recognised – and yet it seems that even the world’s most sophisticated financial regimes cannot control the flow of suspect money through the system. To get some perspective on the... Read more