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Danske Bank under investigation in France over money-laundering saga

Neil Hodge | February 15, 2019

When Danske Bank was placed under formal investigation in France again over suspected money laundering at its Estonian branch, EU lawmakers said tougher action needs to be taken to stop the dirty flow of money through Europe’s banks.

On 7 February, Danske Bank announced that—for a second time—a French judge has decided the bank should be formally investigated for suspected money-laundering transactions worth €21.6 million (U.S. $24.4 million) committed between 2007 and 2014.

Prosecutors in Paris accuse Danske of having helped launder proceeds from tax evasion through transactions carried out in France and “in particular in Estonia and in Luxembourg.”

According to the charges, as published by Danske, the bank aided laundering “by investing, concealing, or converting the direct or indirect proceeds of offenses, by opening fictitious pass-through accounts...

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