As much as €7 billion in laundered money may have gone through Danske Bank's Estonian operations, it has been reported.
If this is the case, it would constitute one of the largest known money laundering cases in Europe, according to Bloomberg.
Suspicions of money laundering via the Estonian branch of Danske had been raised before, it is reported, but the estimated figure is around twice that previously thought, according to Danish daily Berlingske and confirmed by Bloomberg.
It represents roughly a third of Danske's total market value, which is almost 3% of Denmark's total GDP, and up to a third of that of Estonia.
Following the latest allegations, Danske's head of group compliance Anders Meinert Jørgensen, stated that "it is too soon to draw any conclusions about the extent of the potential money laundering in Estonia."
"This is the reason why we have not ourselves published figures or commented on speculations about potential amounts,'' he went on.
''On several occasions, however, we have said that the extent [of the suspected money laundering] seems to be somewhat larger than previously estimated," Mr. Jorgenson continued.
https://news.err.ee/844180/amo...
