In Estonia, a non-standard money laundering scandal in the Danske Bank's Estonian branch is on the rise. It's worth no more than ten, as originally estimated, but worth more than 130 billion euros. Estonian financial institutions are worried about the fact that this figure can still be increased. In the meantime, the Danish parliament began hearing the former bank officials who are discovering new information.
For potentially money laundering, Danske Bank has reported to the Estonian branch for several years last year. At that time, it was discussed about the relatively "small quantities" that were washed in the bank. However, now the main reporting officer on the situation in the bank said that money laundering amounted to 130 billion euros.
Estonian financial supervisory authorities and the police pay great attention to the problems of money laundering. As an Estonian police officer discovered in an interview with "Panorama of the World", reports of possible irregularities in financial transactions are reported on a daily basis.
"We receive at least five thousand annual reports of possible money laundering cases, of which there are about two thousand suspicious transfers between banks, while other reports about other types of banking," said Madis Reimand, head of the Financial Intelligence Unit of the Estonian Police.
Money laundering through the Danish branch of the Danish bank took place between 2007 and 2015, but this was suspected four years ago. Lawmakers point out that most money laundering operations are required after our eastern border.
"Most of the money laundering we know includes non-resident companies, as well as high officials from these countries from the former Soviet Union and Russia, but some Estonian companies are involved in providing remittances," Reimand said.
Danish bank scandal has already gained global scales. The bank also focused on the US Department of Justice, as three US banks were previously associated with the bank. Earlier they abandoned their co-operation, for, for example, JPMorgan Bank in 2013 concluded that the Danish dollar transfers were not in accordance with US regulations on the prevention of money laundering.
The chief accountant for this case is former Hovard Villkinson, head of sales in Denmark Bank Baltics. He points out that a large part of Russian "money laundering" is registered in offshore or tax areas, such as Belize and the British Virgin Islands. Suspicious transfers were made in both Denmark and Denmark.
He has already become aware of irregularities in the bank in 2014, which is why he reported to the law enforcement agencies. However, in large amounts of money laundering, he blames the lack of interest of the bank.
"In this case, I have a moral responsibility to share information with the Danish Parliament and people, which is a shame that four years later this scandal continues, my name is widespread in all newspapers, although I do not want it. Will Denmark or Estonia continue to want to report such cases? "He pointed out.
The investigation currently includes four countries – Estonia, Denmark, the United Kingdom and the United States. The supervisor of European banks is also investigating the work of the Danish and Estonian supervisory authorities in assessing whether the two countries have taken sufficient steps to prevent money laundering to a large extent.