September 10, 2018 / 2:00 PM / 10 days ago

Danske Bank to publish results of Estonia money laundering case on Sept 19

COPENHAGEN, Sept 10 (Reuters) - Danske Bank said on Monday it will on Sept. 19 publish the results of an investigation into a money laundering case at its Estonian branch.

The results of the investigation will be scruntinised by investors and the wider financial community as the case has the potential to be one of the biggest money-laundering scandals in Europe.

Danske Bank’s non-resident portfolio at the Estonian branch has been at the centre of allegations that the bank had flawed money laundering controls from 2007 to 2015, leading to criminal investigations in both Denmark and Estonia.

“The investigations into the portfolio of non-resident customers in Estonia are being finalised, and conclusions are expected to be shared on 19 September,” a Danske spokesman said in a statement.

Danske Bank has admitted to flaws in its anti-money laundering controls in Estonia and launched the inquiry last year.

The money-laundering scandal could involve $150 billion worth of transactions, the Wall Street Journal reported last week. (Reporting by Jacob Gronholt-Pedersen; Editing by Kirsten Donovan)

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