US will not sanction Danske Bank for money laundering
The US Treasury Department has closed its money laundering investigation against Danske Bank and will not sanction the Danish lender, who is still questioned by several countries for transferring billions of suspicious funds through its Estonian branch.
Danske Bank said in a company announcement on Saturday.The Treasury Department’s Office of Foreign Assets Control (OFAC) informed the bank that it would not be sanctioned and that the case was closed,
The move does not rule out future OFAC sanctions if new information is discovered, the bank said, adding that it was still the subject of a criminal and regulatory investigation by French, Danish and French authorities. American.
While the company maintained that “it remains impossible to reliably estimate the timing, form of resolution or amount of potential settlement or fines”, the Danish public broadcaster BE MISTAKEN indicated that he would likely face much lower penalties as a result of OFAC’s decision.
Sydbank analyst Mikkel Emil said a fine could have reached billions of dollars and “will be lower now”. However, while other investigations are still ongoing, he said the bank “is by no means free of domicile”.
In addition to investigations initiated by national authorities that could lead to financial and criminal penalties, Danske also faces more than $ 1 billion. international trial which was filed in September for facilitating rampant money laundering for nearly a decade.
Danske Bank – the largest lender in Denmark – has been involved in numerous multibillion dollar money laundering scandals and has received OCCRP 2018 Corrupt Actor of the Year Award.
described in several OCCRP surveys, the Estonian branch of Danske Bank has been a key part of the Azerbaijani laundromat – a general purpose money laundering program and slush fund that saw billions of dollars flow through the bank and into offshore companies and paid to senior officials and European politicians who were willing to praise the regime that had become notorious for various human rights violations.
Another OCCRP survey – Russian laundromat – revealed that $ 20 billion to $ 80 billion had been fraudulently moved out of Russia via a network of global banks that included Danske.