EU seeks probe into Danske Bank money laundering scandal
(VOVWORLD) - The European Commission has called for an EU investigation into the regulatory failures that led to a multibillion-euro money laundering scandal at Denmark’s Danske Bank.
Denmark’s Danske Bank in Copenhagen. (Photo: AFP/ VNA)
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Denmark’s largest lender is at the center of a storm of controversy and several inquiries, after it said “a large part” of transactions totaling €200 billion at its Estonian branch were “suspicious”. EC spokesman Christian Wigand said on Sunday that the European Commission has written a letter to the European Banking Authority (EBA), the regulatory authority of the EU, to ask it to “fully utilize” its powers to probe what happened to the monitoring of Danske’s Estonian office.
More than 1.5 trillion Danish kroner transited through the Estonian subsidiary of Danske Bank between 2007 and 2015, according to an external law firm that carried out a probe for Danske Bank.