Danske Bank’s Estonian Branch Enters Liquidation after Involvement in a $220 Billion Money Laundering Scandal

The fight against corruption and money laundering scandals in the European Union continues. Danske Bank, Denmark’s biggest bank, has closed down all banking activities in its Estonian branch. The Danske branch in Estonia has been under close investigation for money laundering. During the investigation, Danske’s previous CEO has stepped down and the company still searches for a permanent leader, meanwhile the bank has also lost its chairman. Investigators have identified that the problems began all the way back in 2007. Last week, Estonian police discovered the body of Aivar Rehe, the former head of the Estonian Danske branch. Later, police confirmed that he had committed suicide. Rehe was never considered a suspect in this case.

In 2018, a report was released that identified billions of dollars in dirty money being funneled through accounts in the Estonian subsidiary. This event was one of largest money laundering scandals of it’s kind.

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