Danske Bank’s laundering profits targeted by Danish government

A cyclist passes the entrance to the headquarters of Danske Bank A/S in Copenhagen, Denmark, on Tuesday, March 14, 2017. (Bloomberg pic)

COPENHAGEN: Danish Business Minister Rasmus Jarlov said he wants to focus more effort on finding out how much money Danske Bank A/S made through alleged money laundering activities at its Estonian office, with a view to confiscating the funds.

“It’s crucial to know how big a profit has come from the laundering,” Jarlov said, according to newspaper Jyllands-Posten. “It’s obviously not satisfactory that large sums of money were made laundering funds and that that money is still with Danske Bank. This offends my sense of justice, and everyone else’s.”

Jarlov told local media that the Danish Financial Supervisory Authority is opening a new investigation into the Danske Bank laundering scandal. That follows revelations late on Tuesday that the scope of the case was considerably bigger than previously thought.

New material provided by Bill Browder suggests that as much as 53 billion kroner (US$8.3 billion) was funnelled through the Danish bank. That’s more than double the 25 billion kroner thought to have been laundered earlier.

The sheer size of the case was already known to Estonian authorities in June last year, according to Borsen, after Browder’s Hermitage Capital Management contacted them directly with the information. Estonia’s public prosecutor made the point that the operations in question weren’t registered in the Baltic country, the newspaper said.