COPENHAGEN, Denmark—Danske Bank has been caught up in one of the largest-ever money laundering scandals. Howard Wilkinson, the whistleblower who first alerted Denmark’s biggest bank to the problem, testified before the Danish parliament on Nov. 19.
How Big a Scandal Is This?
Some 200 billion euros ($227 billion) in payments flowed through the non-resident portfolio of Danske Bank’s tiny Estonian branch between 2007 and 2015. The bank eventually commissioned a report which concluded in September that many of these payments were suspicious.
Where Was This Money From?
Most of the payments came from Estonia, Russia, Latvia and Cyprus, and Britain, the report said. Shell companies were used to disguise the identities of those involved, former chairman Ole Andersen has told Reuters.
And Where Was It Going?
Payments went to Estonia, Latvia, China, Switzerland, Turkey, Britain, and more than 150 other countries, the report said.
