Shares in Denmark’s Danske Bank fell more than 11% last week amid allegations that it helped to launder at least $234bn from 20 or more Russian entities through the bank’s Estonian subsidiary.
An independent investigation uncovered that$30bn was laundered through Estonia in 2013 alone. The bank’s own report came out this week.
It’s a similar story at ING in the Netherlands. It’s just paid a €775m fine after prosecutors estimated that it had laundered hundreds of millions for dubious clients. Reluctantly, the bank’s CFO, Koos Timmermans, has finally fallen on his sword. Danske’s CEO and Estonia architect, Thomas Borgen, followed suit on Wednesday.