Estonia arrests ten in Danske Bank money laundering inquiry
20 Dec 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 largest bank between 2007 and 2015.

The arrests announced by Estonia’s state prosecutor on Wednesday mark the first concrete action by authorities against suspects in the unraveling money laundering scandal.

The threat of a heavy fine from the U.S. Department of Justice has sent Danske Bank’s shares plunging almost 50 percent since March, erasing around $15 billion off its market value.

– By Tarmo Virki, Reuters, 19 December 2018.

Link to Reuters.

Photo: The Lithuanian branch of Danske Bank

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