Article: EU proposes watchdog to halt flow of dirty money

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EU proposes watchdog to halt flow of dirty money

Huw Jones, 20 July 2021

EU policymakers proposed a new agency on Tuesday to stop financial firms from aiding criminals and terrorists after a scandal at a Danish bank highlighted the inadequacy of the bloc’s defences.

Europe came under pressure to step up enforcement of its anti-money laundering rules when several countries began investigating Danske Bank after more than 200 billion euros ($235 billion) of suspicious transactions passed through its tiny Estonian branch between 2007 and 2015.

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Article: Danske Bank Watchdog Calls for EU Debate on Client Secrecy Rules

Article - Media, Publications

Danske Bank Watchdog Calls for EU Debate on Client Secrecy Rules

Frances Schwartzkopff, 07 May 2021

The financial watchdog overseeing Danske Bank A/S says the European Union needs to re-examine the limits of client privacy if it’s serious about fighting money laundering and other forms of financial crime.

Jesper Berg, the director general of the Financial Supervisory Authority in Copenhagen, says Europe must acknowledge that the current bias toward bank secrecy means “substantially more resources” are being spent on trying to catch illicit transactions. It also adds to the risk that there’ll be “some money laundering we won’t get at.” Continue reading “Article: Danske Bank Watchdog Calls for EU Debate on Client Secrecy Rules”

Article: U.S. files lawsuit against Danske Bank, attorney says

Article - Media, Publications

U.S. files lawsuit against Danske Bank, attorney says

Reuters, 20 April 2021

The United States of America and the Federal Retirement Thrift Investment Board (FRTIB) have filed a lawsuit against Danske Bank (DANSKE.CO) and its former CEO in the Copenhagen city court, according to the attorney representing the parties.

Shares in Danske Bank (DANSKE.CO) fell around 8% after the news, which was first reported by the business daily Borsen.

The suit is linked to Danske’s involvement in a major money laundering scandal, according to Borsen. Continue reading “Article: U.S. files lawsuit against Danske Bank, attorney says”

Article: Factbox: European banks hit by Russian money laundering scandal

Article - Media, Publications

Factbox: European banks hit by Russian money laundering scandal

Reuters Staff, 08 March 2019

Several European banks are facing allegations of being involved in a Baltic money laundering scandal and failing to prevent tainted Russian money from flowing through their branches across the world. Continue reading “Article: Factbox: European banks hit by Russian money laundering scandal”

Article: What’s Known About Massive Russia Money Laundering Scheme, ‘Troika Laundromat’

Article - Media, Publications

What’s Known About Massive Russia Money Laundering Scheme, ‘Troika Laundromat’

Christian Baumgaertel, 07 March 2019

The so-called Troika Laundromat was a financial network set up by a Russian investment bank to help clients move money out of the country and hide it. The scheme exported about $4.8 billion over seven years, with the help of a now-defunct Lithuanian bank.

That much we know from disclosures by the Organized Crime and Corruption Reporting Project [OCCRP] and its partner news organizations. Almost daily revelations over the last week have widened the group of banks involved and added to a picture of massive laundering — perhaps facilitated by the absence of a central enforcement agency in Europe. Continue reading “Article: What’s Known About Massive Russia Money Laundering Scheme, ‘Troika Laundromat’”