Estonia

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Danske Bank defeats appeal in U.S. over money laundering scandal

Danske Bank A/S and former top executives on Wednesday defeated an appeal in New York by shareholders claiming they were defrauded because the Danish bank allowed widespread money laundering at its former Estonian branch. The lawsuit began after Danske said in September 2018 that an internal probe had uncovered about… Read More

Baltic supervisors: Luminor’s anti-money laundering regime needs tightening

Anti-money laundering (AML) systems and internal rules at Estonian bank Luminor need improving, the financial supervisory authorities of all three Baltic States have found. Estonia’s financial supervisory authority, the Finantsinspektsioon, along with the the Financial and Capital Market Commission (Latvia) and Lietuvos bankas (Lithuania) had carried out an on-site inspection… Read More

Estonia hopes to avoid global minimum corporate tax

Estonia is one of few countries that does not support the implementation of a minimum global corporate tax. Prime Minister Kaja Kallas (Reform) plans to find a compromise in discussions with European Union and United States representatives. Ministry of Finance tax policy adviser Erle Kõomets said the U.S, EU and… Read More
26th July 2021
Three years after the world learned of Danske Bank A/S’s central role in one of Europe’s biggest money-laundering scandals, the cost of that stunning failure of governance is still palpable. Denmark’s biggest bank, once among the Nordic region’s most reputable companies, has yet to fully resurrect itself from a dirty… Read More
14th July 2021
When U.K. authorities began investigating wealth belonging to a politically-connected Azerbaijani family, their suspicions were triggered by a raft of “brass plate” companies that funneled more than double the amount of the couple’s stated income. Almost 14 million pounds ($19.3 million) was routed into British bank accounts controlled by Suleyman… Read More
26th May 2021
Estonia’s president, Kersti Kaljulaid, has urged the UK to take action to stop anti-democratic regimes such as Belarus siphoning corrupt money through London’s financial centre. Her plea comes after the EU announced new economic sanctions against Belarus, and punitive measures against its national airline, in response to the hijacking… Read More
11th May 2021
Danske Bank’s notorious Estonian branch housed hundreds of U.S. taxpayers and businesses amongst its portfolio of suspicious non-resident-customers, states an internal legal memo that Berlingske has access to. The »comprehensive memorandum« is dated to the beginning of 2019 and was prepared by Danske Bank’s lawyers in various countries where the… Read More
7th May 2021
The financial watchdog overseeing Danske Bank A/S says the European Union needs to re-examine the limits of client privacy if it’s serious about fighting money laundering and other forms of financial crime. Jesper Berg, the director general of the Financial Supervisory Authority in Copenhagen, says Europe must acknowledge that… Read More
30th April 2021
Danish prosecutors have dropped charges against former Danske Bank chief executive Thomas Borgen and two other senior executives as part of a money laundering investigation, business daily Borsen reported on Thursday citing their lawyers. The Danish state prosecutor filed preliminary charges against nine former managers in 2019 accused of breaching… Read More
29th April 2021
Danske Bank said on Wednesday it may be required by authorities to conduct a further investigation into its former Estonian branch, possibly prolonging a money-laundering saga that has dogged Denmark’s biggest lender for years. Danske is under investigation in several countries, including the United States, over some 200 billion euros… Read More
20th April 2021
Danske Bank A/S has once again lost a chief executive, ushered out under yet another cloud of scandal. Denmark’s main shareholder group says the question now is whether there’s such a thing as a qualified CEO with a perfectly clean record. The biggest Danish bank stunned investors on Monday… Read More
19th April 2021
Danske Bank Chief Executive Chris Vogelzang resigned on Monday after the Dutch authorities named him as a suspect in a probe into violations of money-laundering regulations at Dutch lender ABN Amro, Danske Bank said in a statement. “I am very surprised by the decision by the Dutch authorities,” Vogelzang said… Read More
18th March 2021
It will be years before Danske Bank A/S is fully rehabilitated from the shock of one of Europe’s most spectacular money-laundering scandals, according to its chairman, Karsten Dybvad. Since admitting in late 2018 that a large part of the 200 billion euros ($238 billion) in non-resident cash that flowed… Read More