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2020.09.25 14:00

Lithuania ‘cooperating’ with Denmark in Danske Bank money laundering investigation

BNS, LRT.lt2020.09.25 14:00

Lithuania's central bank is cooperating with Denmark's law enforcement in an investigation into potential money laundering at Danske Bank in the country.

"We are closely watching all information related to the possible participation of financial institutions in Lithunia in money laundering” and are “cooperating with the Danish colleagues”, the central bank told BNS.

As part of FinCEN banking leaks, the International Consortium of Investigative Journalists (ICIJ) has revealed that a large amount of suspicious money transfers took place via Danke Bank in Lithuania between 2012 and 2015.

Read more: Lithuania in FinCEN dirty money trail: millions wired through now-bankrupt bank

According to Siena, investigative journalists in Lithuania working as part of ICIJ, Danske Bank took part in the so-called mirror trades to transfer large sums out of Russia.

The scheme involved converting Russian roubles to US dollars or euros by engaging in the potentially fictitious trading of shares.

Money laundering allegations have previously focused on Danske in Estonia, which led to the bank announcing last year it would cease its operations in the Baltic states.

Read more: Danske Bank ordered to close branch in Estonia, will keep service centre in Lithuania

Philippe Vollot, chief compliance officer at Danske, said earlier on Friday that the bank acknowledges it was too slow to respond to suspicious operations.

He also underlined that the bank has increased resources to combat financial crimes and has invested heavily in IT systems.

Read more: Danske Bank in Estonia used gold to hide illicit Russian funds

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