Danske Bank's money laundering 'giga scandal' spreads to Britain

Danske Bank sign is seen at the bank's branch in Tallinn Estonia. Ints Kalnins  Reuters

Danske Bank sign is seen at the bank's branch in Tallinn Estonia. Ints Kalnins Reuters

Danske Bank holds a third of Danish people's savings and faith in the country's financial system is being lost due to the scandal.

In a sign of the growing pressure on Danske Bank, which already faces criminal inquiries in Denmark and Estonia, the chief executive of CARE Danmark said on Twitter that the Danish charity had made a decision to end its relationship with lender.

According to Danske's own findings regarding its money-laundering scandal, which were published earlier this week, United Kingdom entities overtook Russian customers at the Estonian branch in 2013, peaking at 1,100.

The chief executive of Denmark's largest bank resigned Wednesday after an internal report into allegations of massive money laundering via an Estonian subsidiary showed that "the vast majority" of transactions were deemed to be "suspicious".

She will also discuss the case with the European Banking Authority. An independent investigation published on Wednesday found that 15,000 customers were involved in suspicious transactions. "When new information emerges, we have to look at it and assess if there is need to take action".

"The fact that Denmark has been at the centre of money laundering of this size is frankly quite terrible", Rasmussen told reporters outside a meeting of European Union leaders in Salzburg. "But now the work we have in this matter intensifies".

Denmark's central bank said on Friday that it supported a proposal for tougher laws on money laundering agreed by politicians on Wednesday.

More news: Brett Kavanaugh accuser to give evidence before Senate
More news: Volunteer ‘Cat Napper’: 75-Year-Old Man Naps With Shelter Cats
More news: Notebook: Notes & quotes from Illini loss to Penn State

Protestors outside Danske Bank's head office in Copenhagen on Thursday.

Denmark's business minister, Rasmus Jarlov, said he expected that Danish authorities could fine Danske 4bn Danish kroner (£475m). The bank on Wednesday said it would donate 1.5bn kroner to a charity focused on "combating worldwide financial crime". "But that just makes it even more important that we handle things thoroughly in Denmark, to make sure nobody elsewhere is left with the impression that we're not coming down severely on this".

Jeppe Kofod, a Danish member of the European parliament and a member of the parliament's special committee on financial crimes, tax evasion and tax avoidance., said U.S. authorities were examining the case and he expected a full investigation.

"We are following and analyzing the situation closely".

"Danske Bank has been involved in money laundering which is deeply reprehensible and outrageous but Nordea has been involved in tax havens, so the entire bank sector needs to clean up for us to have a trusting collaboration with the banks", Thomas Kastrup-Larsen said.

Borgen, 54, was in charge of Danske Bank's global operations including Estonia between 2009 and 2012.

Danske's shares fell another 8%, taking the total losses for the year to 32%. However, the bank's investigation has revised this number.

Recommended News

  • Colin Kaepernick's Attorney Hints Towards Raiders & Patriots' Interest

    Colin Kaepernick's Attorney Hints Towards Raiders & Patriots' Interest

    It goes without saying that Jon Gruden and the Raiders need to find a clear-cut answer at quarterback behind Derek Carr. While it's highly unlikely any team would sign Kaepernick at this point, the Patriots certainly seem the least likely.
    Roger Federer, Novak Djokovic to play doubles as partners at Laver Cup

    Roger Federer, Novak Djokovic to play doubles as partners at Laver Cup

    The Laver Cup matches can be viewed on the Tennis Channel and Prime, beginning on September 21. Last year, he put on quite the performance at the maiden outing. "At Laver Cup we're a team".
    Abhilash Tomy: Rescue mission to reach injured Indian sailor

    Abhilash Tomy: Rescue mission to reach injured Indian sailor

    He was in the third position out of 11 worldwide participants, and had sailed over 10,500 nautical miles in the last 84 days. Both McGuckin and Slats reported they were fine, but 39-year-old Tomy, making his second solo circumnavigation, was injured.
  • Defending champion Caroline Wozniacki stunned by Camila Giorgi in Tokyo

    Defending champion Caroline Wozniacki stunned by Camila Giorgi in Tokyo

    The world No. 2 Dane hit 14 winners to 17 unforced errors in a last-16 match that lasted 2hr 5min in Tokyo . Azarenka dominated from the baseline and picked her moments to come to the net to beat the Australian.
    Donald Trump to chair UN Security Council meeting on Iran next week

    Donald Trump to chair UN Security Council meeting on Iran next week

    Trump withdrew from the agreement in May and has begun an economic pressure campaign to drive Iran to the negotiating table again. It raises the prospect of an encounter, chance or otherwise, between Trump and Rouhani.

    Liverpool vs Southampton, Premier League

    The result extended Liverpool's 100 per cent start to the campaign to seven matches in all competitions. I wanted to control the game, go back to our normal formation.
  • Brett Kavanaugh: Judge accuser 'given more time' for hearing

    Brett Kavanaugh: Judge accuser 'given more time' for hearing

    They'd "plow through" he declared, a remarkable confession that they'll bulldoze Ford and vote to confirm no matter what. Because this never happened, I had no idea who was making this accusation until she identified herself yesterday.
    Trump won't get as much help from Facebook in 2020

    Trump won't get as much help from Facebook in 2020

    Facebook said that its personal assistance mode would not serve better than the same support being offered through an online portal.
    Drum lines installed at Cid Harbour as shark victim flown to Brisbane

    Drum lines installed at Cid Harbour as shark victim flown to Brisbane

    The girl, believed to be on holiday from New Zealand, was with her sister and father when the shark struck about 1.45pm. A press release from the rescue helicopter said the team on board described the girl's injury as "absolutely horrific".
  • Brett Kavanaugh’s Accuser to Testify at Hearing, Date To Be Set

    Ford and deprive her of the ability to make a considered decision that has life-altering implications for her and her family". The Judiciary committee had set a 5 p.m. deadline Friday for Ford's attorneys and the panel to agree to terms.
    You Might Soon Be Able To Drink Cannabis-Infused Coca-Cola

    You Might Soon Be Able To Drink Cannabis-Infused Coca-Cola

    Following the introduction of cannabis beer last month, a new cannabis-infused drink may soon hit the market: cannabis coke . However, Aurora Cannabis has denied any agreement with Coca-Cola but confirmed that they are engaged in "discussions".
    Manchester United pushing for EPL Transfer deadline Change

    Manchester United pushing for EPL Transfer deadline Change

    Will Liverpool maintain their flawless record in the top-flight by beating Southampton on Saturday? Guardiola's side are big favourites to beat the Bluebirds .

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.