THELOGICALINDIAN - US law administration agencies accept started their money bed-making investigations of Danske Coffer Denmarks better coffer according to the Wall Street Journal Citigroup and Deutsche Coffer accept been active Danske Coffer is additionally currently beneath analysis by Denmark and Estonia and its CEO reportedly abandoned warnings of apprehensive transactions
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$150 Billion Money Laundering Case
The Wall Street Journal appear on Friday, September 14, that “The [U.S.] Justice Department, Treasury Department, and Securities and Exchange Commission [SEC] are anniversary analytical Danske Bank afterwards a arcane bigmouth complaint was filed to the SEC added than two years ago,” citing a being accustomed with the matter. According to the being and the abstracts the account aperture has reviewed:
An estimated $150 billion is doubtable to accept flowed through non-Estonian chump accounts captivated at Danske Bank’s Estonian annex from 2007 to 2015 – from countries such as Russia, Azerbaijan, and Moldova. The advertisement added that the bank’s board accept not appear if the absolute bulk should be beheld as suspicious. The coffer has been administering an centralized analysis and will absolution the after-effects on September 19, a apprehension on its website states.
Danish and Estonian authorities accept been investigating the coffer and accept aggregate advice with their U.S. counterparts, several European admiral accustomed with the amount told the account outlet.
Why Is the US Interested?
The U.S. has yet to clearly accepted that it is investigating Danske Bank. Two weeks ago, Marshall Billingslea, U.S. Department of the Treasury’s Assistant Secretary for Terrorist Financing, told Danish circadian Berlingske “We are afterward this case actual closely.” Reuters elaborated:
The Wall Street Journal explained that the U.S. Treasury can bind the accumulation of U.S. dollars to adopted banks and the Treasury and Justice Department can accomplished banks.
Adam Barrass, an analyst at Berenberg, acclaimed aback in July that the key accident to Danske Bank was “the abeyant U.S. accomplished because [of] Danske’s use of dollar allotment and transactions,” the Financial Times reported.
CEO Ignores Money Laundering Signs
According to the Financial Times, Danske Bank’s CEO, Thomas Borgen, abandoned calls to calibration aback business at the Estonian branch when warned of money bed-making activities. The account apparent by the account aperture reveals that the CEO was abreast at a affair in October 2024 that:
Instead, Borgen responded by emphasizing “the charge for a average ground, and capital to altercate this added alfresco of this forum,” the advertisement noted.
The Wall Street Journal additionally detailed, “Estonian admiral are investigating 26 above Danske employees, from low-level agents to the above annex CEO. They are accused of allowance to acquit $230 actor in money from an declared artifice committed in Russia.”
Deutsche Bank and Citigroup Implicated
Citing the being accustomed with the probes, the Wall Street Journal additionally reported:
Deutsche Coffer acted as a contributor coffer for Danske, administration dollar wire transfers while Citigroup’s Moscow appointment was complex in some of the transfers through Danske Bank’s Estonian branch, the being told the publication.
With the advancing probes, the bank’s allotment amount has been on a aciculate abatement this year.
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