While talking about ”the biggest scandal in Europe today,” EU Justice Commissioner Vera Jourova was referring to recent revelations that Denmark’s biggest bank, Danske, via its Estonian subsidiary, had laundered €200 billion ($235 billion) of illicit Russian cash between 2007 and 2015. Danske’s CEO Thomas Borgen resigned last week and Denmark’s business minister, Rasmus Jarlov, said he expected authorities to fine Danske 4 billion Danish kroner (€550 million), with hefty EU and US fines expected later. Ratings agency S&P said the sheer scale of the scandal had put the Danish government’s AAA credit grade at risk. “This is absolutely massive,” Oliver Bullough, author of Moneyland, told DW. “We knew widespread money laundering was going on but this confirms it in raw figures. It dwarfs anything we’ve seen before and given that Latvia was always much worse than Estonia in this regard, we will definitely see more come out.” Cash destined for London But while Denmark, which regularly features in surveys as one of the world’s least corrupt countries, may be in a state of shock, few eye lids batted when it turned out that much of the cash was destined for London. UK corporate entities were the second-biggest proportion, behind Russian, of Danske’s Estonian… Read full this story
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