Money laundering: Denmark’s new business minister talks tough on Danske Bank scandal
26 Jun 2018

Denmark’s new business minister has signalled he will take a tough line on the country’s largest lender Danske Bank, describing its admission of past failings in anti-money laundering controls in Estonia as “a disgrace and a scandal.”

Rasmus Jarlov was appointed by Prime Minister Lars Lokke Rasmussen on Thursday, after his predecessor Brian Mikkelsen stepped down for a private sector job.

“Danske Bank’s money laundering in Estonia is a disgrace and a scandal,” he said in a tweet late on Sunday.

“I do not yet have an overview of what options I have as minister but I can guarantee I will not hold my hand over them.”

Major flaws in the Danske Bank’s (DANSKE.CO) money laundering controls in Estonia made it possible for its branch there to be used for criminal activity, and the bank reacted too slowly when it was made aware of the weaknesses, Denmark’s Financial Supervisory Authority said last month.

Danske Bank has launched its own investigation into the Estonia case and will present its findings in the autumn.

– By by Teis Jensen, Reuters, 25 June 2018

Link to Reuters.

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