Featured Estonia

Estonia orders Danske Bank to shut down following money laundering scandal

The Financial Supervision Authority of Estonia (FSA) has ordered Danske Bank’s local unit to cease operating and finalise its affairs within eight months, citing its financial crime scandal which revealed that €200 billion was allegedly laundered through its system. In a statement, the Estonian regulator said the bank would… Read More

Estonia drops anti-money laundering legislation before election

Estonia’s parliament has dropped a proposed law that would have toughen rules on money-laundering, a parliamentary spokeswoman said on Wednesday. Lawmakers told Reuters they expect the proposal, drafted after a scandal involving Denmark’s Danske Bank, to be revived later this year following a March 3 general election. “The current parliament… Read More

EU needs stronger anti-fraud curbs, lawmakers say, after Danske scandal

The European Union needs tougher anti-fraud controls including a central body able to enforce laws against money laundering, European lawmakers said on Friday, describing financial crime as as a security problem for the continent. Curbs should be more uniform across the EU and its framework for swapping financial intelligence is… Read More
12th February 2019
Deutsche Bank has sharply scaled back its role as a correspondent bank, an executive said on Monday of a business line that has dragged it into a money laundering scandal involving Danske Bank. Deutsche Bank’s global correspondent banking portfolio is now around 40 percent smaller than it was in 2016,… Read More
7th February 2019
Estonia’s push to become a digital society has left it vulnerable to dirty money and sanction breaches, the country’s top banking regulator has warned. The Baltic state took centre stage in one of the largest-ever money laundering scandals last year – the Estonian branch of Danske Bank helped funnel money… Read More
6th February 2019
In the wake of Danske Bank’s money laundering scandal, an EU committee will visit Estonia and Denmark this week to meet regulators, prosecutors and the bank’s new management to discuss ways to crack down harder on fraud. Between 2007 and 2015, 200 billion euros ($228 billion) of suspicious payments from… Read More
6th February 2019
Scandal-hit Danske Bank is looking to invest up to DKK 2 billion (about $306 million) on its financial crime prevention efforts following headline-hitting allegations that it may have been used to launder €200 billion. The bank’s troubles are centred around the non-resident portfolio at its Estonian branch, where it said… Read More
1st February 2019
Danish and Estonian financial regulators are blaming each other for the Danske Bank money laundering scandal, which has highlighted the need for better cross-border surveillance. Denmark’s largest lender is being investigated in Denmark, Estonia, Britain and the United States over 200 billion euros ($229 billion) of suspicious payments through its… Read More
28th January 2019
Lithuania has taken extra measures to prevent money-laundering after bank scandals in Latvia and Estonia which have harmed its reputation, its central bank Governor Vitas Vasiliauskas said. The euro-zone member has so far avoided any major financial scandals of its own but felt it needed to improve its safeguards, Vasiliauskas,… Read More
18th January 2019
Estonia has dropped plans for a rule that would demand people suspected of benefiting from suspected criminal cash prove the source of their wealth is legitimate. Estonia has been thrust into the limelight in recent months following a €200 billion money laundering scandal stemming from the Estonian branch… Read More
20th December 2018
Estonia has arrested 10 former employees of the local branch of Danske Bank (DANSKE.CO) as part of an international investigation into alleged money laundering. Authorities in Denmark, Estonia, Britain and the United States are investigating payments totaling 200 billion euros ($229 billion) made through the tiny Estonian branch of Denmark’s… Read More
13th December 2018
British investigators have frozen a bank account linked to a multi-billion dollar Azerbaijani money-laundering scheme that a network of investigative reporters has alleged rinsed dirty money mainly through four, UK-registered shell companies. The National Crime Agency (NCA) said on Wednesday that the Account Freezing Order (AFO), part of a new… Read More
7th December 2018
Deutsche Bank (DBKGn.DE) defended its record in fighting money laundering on Thursday after the Financial Times reported it had processed 31 billion euros ($35 billion) more in questionable funds for Danske Bank (DANSKE.CO) than previously thought. A Deutsche Bank spokesman declined to comment on the FT article. He said, however,… Read More