07 Feb 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 from Russia and other ex-Soviet states, a report by the Danish lender showed.
Danske Bank is now being investigated in Denmark, Estonia, Britain and the United States over the 200 billion euros ($227 billion) of suspicious payments.
The Danske debacle was rooted in old school subterfuge – offshore shell companies were used to disguise where the money was coming from.
– By John O’Donnell, Tarmo Virki, Reuters, 1 February 2019.
Link to Reuters.
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