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2019.11.11 17:15

Danske Bank in Estonia used gold to hide illicit Russian funds

LRT.lt 2019.11.11 17:15

Danske Bank offered a select group of mostly Russian clients to buy gold bars at the height of 200-billion-euro money laundering scandal, Bloomberg reported on Sunday.

The secret documents dated 2012 show that the Danske Bank branch in Estonia offered gold as a way to achieve “anonymity,” as well as the “portability” of assets. It's unknown how much gold was bought by Danske's clients.

Between 2007 and 2015 over 200 billion euros of illicit funds were laundered through Danke Bank branch in Estonia. The subsequent scandal is considered one of the largest in Europe, according to Bloomberg.

Danske Bank is currently being investigated by the Department of Justice and the Securities and Exchange Commission in the US, as well as prosecutors in Denmark, Estonia and France.