In the area of International Financial Crime & Security, What went wrong in the case of Danske Bank?
To what extent does this case reveal the gaps in international efforts against money-laundering and the vulnerabilities of banking institutions to being exploited for money laundering.
Also consider the issue, have the repercussions and impacts on the financial institutions involved of Danske Bank lasted noticeably longer than those adverse results in previous cases of scandals and wrong-doing concerning international banks?
….. …and… is it over for Danske Bank?
Give other cases and examples in your answer. (You are encouraged to use the focussed bibliography,- and, of course, your own researches.)
J Gronholt-Pedersen, T Jensen, T Virki “Estonia says over 1 trillion flowed 2008-2017 through Estonia REUTERS 31/10/2018 Found on https://uk.reuters.com/article/uk-estonia-moneylaundering/estonia- says-over-1-trillion-flowed-through-the-country-in-2008-2017-idUKKCN1MD1MR
J Garside “Is money laundering scandal at Danske Bank the largest in history?” GUARDIAN 23/9/2018 Found on https://www.theguardian.com/business/2018/sep/21/is-money-laundering-scandal-at- danske-bank-the-largest-in-history
F Coppola “The banks that helped Danske Banke launder Russian money” Forbes 30/9/2018 Found on https://www.forbes.com/sites/francescoppola/2018/09/30/the-banks-that-helped-danske-bank- estonia-launder-russian-money/#68301e3c7319
R Milne and D Winter “Dankse Bank-anatomy of a money laundering scandal “ Financial Times
4/10/2018 Found on https://www.ft.com/content/519ad6ae-bcd8-11e8-94b2-17176fbf93f5
T Virki and T Jensen ‘Estonian finance ministry plans money laundering inquiry” REUTERS 12/10/2108 Found https://uk.reuters.com/article/danske-bank-moneylaundering-inquiry/estonia-finance-ministry- plans-money-laundering-inquiry-idUKL8N1WS3DZ/
“Russia-Denmark has not asked for help in Danske Bank case” CHP post Online 15/10/2018
Found on http://cphpost.dk/news/business/russia-denmark-hasnt-asked-for-help-in-danske-bank- scandal-case.html
E Kelton “Danske Bank’s culture of silence implodes thanks to a whistle-blower” Forbes 15/10/2018 Found on https://www.forbes.com/sites/erikakelton/2018/10/15/danske-banks-culture-of-silence- implodes-thanks-to-a-whistleblower/#31e4a09b2040
T Jensen “Denmark to revamp financial watchdog in wake of Danske Bank scandal -minister” REUTERS 26/101/2018 Found on https://uk.reuters.com/article/us-danske-bank-moneylaundering/denmark-to- revamp-financial-watchdog-in-wake-of-danske-bank-scandal-minister-idUKKCN1MZ0SY
C Mitchell ‘Danske Bank money-laundering, Europe’s biggest scandal aljazeera 17/10/2018 Found on https://www.aljazeera.com/news/2018/10/danske-bank-money-laundering-europe-biggest-scandal- 181011143209065.html
R Milne and C Binham “What’s next in Danse Bank scandal?” Financial Times 17 /10/ 2018 Found on https://www.ft.com/content/9e0c97b8-ce4c-11e8-9fe5-24ad351828ab
“ Danske Bank boss says too early to assess scandal damage” Irish Times/ REUTERS 1/11/2018 Found on https://www.irishtimes.com/business/financial-services/danske-bank-boss-says-to-early-to-assess- scandal-damage-1.3682844
T .Jensen Explaining Danske Bank’s 200 billion money laundering scandal Insurance Journal 19/11/2018
Found on https://www.insurancejournal.com/news/international/2018/11/19/509636.htm
R Milne “Danske Bank’s whistleblower criticises Deutsche Bank’s role in the scandal” Financial Times
19/11/2018 Found on https://www.ft.com/content/d1ed8b7e-ebe7-11e8-8180-9cf212677a57
T Jensen and J Gronhold-Pederson “Money laundering could affect financial stability Danish central Bank wars” REUTERS 3/12/2018 Found on https://kyc360.com/news/money-laundering-could-affect-financial- stability-danish-central-bank-warns/
S Dadouch “Estonia arrests 10 in Danske Bank inquiry” REUTERS 19/12/2018 Found on https://www.reuters.com/article/us-danske-bank-moneylaundering/estonia-makes-first-arrests-over- danske-money-laundering-idUSKBN1OI0NL
C Thompson “Breaking Views- US will find a way to make Danske Bank suffer”4/1/2019 REUTERS https://uk.reuters.com/article/us-danske-bank-results-breakingviews/breakingviews-us-will-find-a-way- to-make-danske-bank-suffer-idUKKCN1OY18H
I Madongo “Danske Bank faces 28 million US money-laundering probe in France” KYC360 Risk 18/12019 Found on https://www.riskscreen.com/kyc360/news/danske-bank-faces-e28-million-money-laundering- probe-in-france/
K Ridley and K Jessop ‘Danske faces new investor lawsuit threat” REUTERS 22/1/2019 Found on https://uk.reuters.com/article/uk-danskebank-moneylaundering-lawsuit/danske-faces-new-investor- lawsuit-threat-idUKKCN1PG0W7
‘Danske Bank to invest 3000 million in anti -money laundering compliance” KYC360 6/2/2019 Found on https://www.riskscreen.com/kyc360/news/danske-bank-to-invest-300-million-to-fight-money- laundering-boost-compliance/
T Sims “Deutsche cuts back correspondent banking after Danske scandal” REUTERS 4/2/2019 Found on https://www.reuters.com/article/us-deutsche-bank-money-laundering/deutsche-cuts-back- correspondent-banking-after-danske-scandal-idUSKCN1PT1YK
A Scheutze “ German watchdog widens its remit after Danske Bank scandal” REUTERS 15/2/2019 Found on https://uk.reuters.com/article/us-deutsche-bank-money-laundering-bafin/german-watchdog- widens-deutsche-monitor-mandate-over-danske-idUKKCN1Q40V9
N Skydsgaard “Danish authorities struggling to cope with surge in suspicious money-flows” REUTERS
27/1/2020
Found on https://www.riskscreen.com/kyc360/news/danish-authorities-struggling-with-surge-in- suspicious-money-flows/
C Wienberg ‘Danse Bank investors target former CEO after seeking 387 millions” Bloomberg 21/2/2020 Found on https://www.riskscreen.com/kyc360/news/danske-bank-investors-target-former-ceo-seeking- 387-million/
C Wienberg “Danske Board is slammed after hiking its pay amid staff cuts” Bloomberg 28/2/2020 Found on https://www.riskscreen.com/kyc360/news/danske-board-is-slammed-after-hiking-its-pay- amid-staff-cuts/
“Money laundering scandal continuing to hamper Danske Bank P and L in 2020” S & P Global Market Intelligence 20/1/2020
Found on https://www.spglobal.com/marketintelligence/en/news-insights/latest-news- headlines/56696004
N Hodge ‘’How Danske Banke is clearing up after a 200bn money laundering scandal” Compliance Week
13/10/ 2020
Found on https://www.complianceweek.com/aml/how-danske-is-cleaning-up-after-a-200b-money- laundering-scandal/29595.article
“Swedish banks formalize information sharing pat with police” Finextra 19/1/2021
Found on https://www.finextra.com/newsarticle/37296/swedish-banks-formalise-aml-information- sharing-pact-with-police
“Danske Bank steps up collaboration with the Swedish Police Authority and other Swedish banks to fight financial crime” Danske Bank bulletin/update 19/1/2021
Found on https://danskebank.com/news-and-insights/news-archive/news/2021/19012021
J Gronhold-Pederson “Danish prosecutors drop money laundering charges against ex-Danske Bank staff”
REUTERS/ NASDAQcom 6/1/202
Found on https://www.nasdaq.com/articles/danish-prosecutors-drop-money-laundering-charges- against-ex-danske-bank-staff-2021-01-07
‘Swedish banks formalize aml sharing pact with police” Finextra 19/1/2021
Found onhttps://www.finextra.com/newsarticle/37296/swedish-banks-formalise-aml-information- sharing-pact-with-police
F Schwartzekopf ‘Dankse Banke sees profit doubling 2021-proposes dividend” Bloomberg News
4/2/2001
Found on https://www.bloomberg.com/news/articles/2021-02-04/danske-bank-sees-profit-doubling-in- 2021-proposes-dividend
Universum ‘The most attractive employers’ Report,and rating of Swedens most attractive employers
18/3/2021
Found on https://rankings.universumglobal.com/en/sweden-most-attractive-employers-danske-bank- business–2021/
Deloitte “Danske Bank: CJEU judgment Services supplied by Danish head office to Swedish branch are subject to VAT” Deloitte Reports 11/3.2021
Found on https://www2.deloitte.com/nl/nl/pages/tax/articles/danske-bank-cjeu-judgment-services- supplied-by-danish-head-office-to-swedish-branch-are-subject-to-vat.html
F Schwartzkop ‘Danske Bank faces long way back as fines seen hitting1 billion U$ “
Bloomberg News 18/ 3/2021
Found onhttps://www.bloomberg.com/news/articles/2021-03-18/danske-faces-long-road-back-as-fine- seen-hitting-1-billion
