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Denmark to investigate Danske Bank over money laundering allegations

Staff Writer |
Denmark’s state prosecutor has started a criminal investigation into Danske Bank over allegations the country’s biggest lender had been involved in money laundering through its Estonian branch.

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The investigation, which follows a similar step by Estonian authorities last week, concerns transactions worth billions of Danish crowns that might have been part of criminal money laundering, Denmark’s state prosecutor said.

Danske Bank shares have fallen almost a quarter this year after Danish newspaper Berlingske alleged its Estonian branch was involved in laundering some 53 billion Danish crowns ($8.2 billion) between 2007 and 2015.

Danske Bank has admitted to flaws in its anti-money laundering controls in Estonia in the past and has launched its own inquiry, the results of which are expected in September.

The Danish prosecutor said it was too early to say whether its investigation would lead to criminal proceedings.

It also said it had received a number of criminal complaints in the case. Bill Browder, once the biggest foreign money manager in Russia, last month filed criminal complaints in both Denmark and Estonia concerning Danske Bank.

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