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As we’ve previously noted, the French had a golden opportunity to break the Danske Bank money laundering scandal wide open before anyone else even realized it was happening (possibly including within Danske Bank). But they screwed it up, and since then have watched helplessly as the Brits and the Danes and the Americans and the Estonians stole a march on them. Hell, the Americans even managed to open an investigation into Deutsche Bank’s relationship with Danske Bank while the Le Qeystone Qops held a legal-philological-philosophical discussion about what it means to be an “assisted witness.”

But if those Depraved Danes thought they’d get away with it, in which getting away with it means not having to answer to some sort of Gallic authority, well, uh, they didn’t. But if they had, well, think again!

Danske Bank A/S said Thursday it was placed under formal investigation by a judge in France over suspicions of money laundering related to terminated business at its Estonian branch.

The investigation concerns transactions of about €21.6 million ($24.6 million) between 2007 and 2014 through the Tallinn branch, the bank said, adding that it was ordered to post bail of half that amount….

“Whilst the report showed shortcomings and failures, including late and inadequate handling of the issues arising from the Estonia matter, the investigation…has made no findings which enable it to conclude whether money laundering, tax evasion or other criminal activity has actually taken place,” Danske Bank said Thursday.

Well, that’s all well and good, but the French aren’t taking your word for it anymore, Danske Bank.

Danske Bank Faces French Money-Laundering Probe [WSJ]


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The French Are Giving Themselves A Second Chance On This Danske Bank Thing

In light of all the other international investigations, maybe Danske was a wee bit more than an “assisted witness.”


Something Is Rotten In The State Of Denmark (And Also Sweden)

I thought the Scandinavians were supposed to be the good guys?

Really only one reason to have a branch in Tallinn. By Pjotr Mahhonin [CC BY-SA 4.0 ], from Wikimedia Commons

Man Who Watched $233 Billion Laundered Has Never Seen Something As Awful As A British LLP

If Danske Bank had been incorporated under British law, well, you’d probably never have heard of Danske Bank.

Really only one reason to have a branch in Tallinn. By Pjotr Mahhonin [CC BY-SA 4.0 ], from Wikimedia Commons

Things Getting Very Bad Indeed For Very Bad Danish Bank

“Requests for information from the U.S. Department of Justice in connection with a criminal investigation” bad.

Really only one reason to have a branch in Tallinn. By Pjotr Mahhonin [CC BY-SA 4.0 ], from Wikimedia Commons

Danske Bank Less And Less A Bank, More And More A Repository For Subpoenas

The SEC’s getting in just as Danske’s getting out—of Estonia.

danske bank

There Is At Least One Law Danske Bank Hasn’t Broken

How many it has, and how much it will cost, remains unclear.


Danske Bank’s Gonna Need A New Business Model And A New CEO

Thomas Borgen’s just gonna cut out through the back door.

We Finally Have A Case Of Bank TARP Fraud

Turns out that Wilmington Trust Corp. is the only bank in America to have committed a crime with TARP funds.