Estonia expands Danske laundering probe to cover up to $2 billion of transfers
17 Jan 2020

Estonian authorities have expanded their investigation into alleged money laundering through Danske Bank’s (DANSKE.CO) local branch to cover transfers of up to $2 billion, the Estonian prosecutor said on Thursday.

Widening of the investigation in Estonia adds to pressure on Danske Bank, as the lender and its investors await a potentially much larger fine from U.S. authorities for its involvement in one of the world’s biggest money laundering scandals.

“We are investigating more than 10 cases with a total amount of up to $2 billion,” said a spokeswoman for the prosecutor general.

The prosecutor said it was previously looking into suspect money flows worth $300 million relating to two separate cases.

It declined to comment further on the status of those new cases, but said it was working together with a number of countries, including the United States.

Danske, Denmark’s biggest bank, admitted in 2018 that suspicious payments totaling 200 billion euros ($223 billion) from Russia and elsewhere flowed through its branch in Estonia, triggering worldwide probes.

“We of course continue to cooperate with the authorities and make ourselves – and the knowledge we have – available to the investigations,” Danske said in a statement on Thursday.

By Tarmo Virki, Nikolaj Skydsgaard and Jacob Gronholt-Pedersen, Reuters, 16 January 2020

Read more at Reuters

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