Danske Bank arrested for using gold bullion to launder illicit funds

The Danish financial institution Danske Bank is involved in a massive money laundering scandal associated with an Estonian branch that allegedly laundered $ 223 billion in eight years. According to documents uncovered this week since 2012, Danske Bank's Estonian branch has let a select group of Russian clients convert their money into gold bullion to help hide funds.

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An Estonian branch of Danske Bank laundered funds with gold bullion

Danske Bank has been involved in a money laundering scheme for some time now, as an Estonian branch is accused of channeling billions of funds to foreign clients. The bank, headquartered in Copenhagen, is Denmark's largest financial institution and its retail banks cover 5 million customers. Investigators said that between 2007 and 2015, the Estonian branch of Danske Bank sent $ 223 billion in suspicious payments.

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The large-scale money-laundering scandal continues to show the public that financial financial traders use all sorts of methods to hide their activities. This week's report revealed that the main Danish lender had let some mainly Russian customers hide their wealth with gold bullion. The bank's Estonian branch let customers "convert their money into gold bullion, according to documents dating back to mid-2012," wrote reporters Irina Reznik, Ott Ummelas and Frances Schwartzkopff.

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The amount of gold that the Estonian branch of Danske Bank has managed to transfer is unknown, but internal documents indicate that "customers of the local private bank" have used the service alongside other selected clients. The research indicates that if the customer buys 250 grams of gold or more, he can obtain it without a certificate. In addition, if a customer of the Estonian subsidiary, who has now disappeared, declared that he would keep the precious metal in a "long-term storage", he would not be obliged to comply with any anti-money laundering directive. . The investigative reporters pointed out that some of the information they had seen showed promotional material "signed by Howard Wilkinson". Wilkinson, former head of transactions at Danske Bank in Estonia, Latvia and Lithuania is well known for being the whistleblower who revealed the $ 200 billion scandal to the public. Depending on the quantity, Danske's Estonian branch used two different gold dealers to process the orders. The investigation report by Reznik, Ummelas and Schwartzkopff states:

One partner processed orders exceeding 300,000 euros, the equivalent of 6 kg at the time, and bought gold from the Austrian Mint; The other was used for smaller orders, according to the presentation, which did not name the suppliers. Danske charged a 0.5% fee on large orders, while the smaller ones had a commission of up to 4%.

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With billions of dollars laundered, prison is avoided if bankers pay a small fine

The money laundering scandal of Danske Bank has been described as "the biggest scandal ever recorded in Europe", laundered funds from Estonia from Russia, Latvia, Cyprus, the United Kingdom, China , Switzerland and Turkey. The Estonian Financial Supervisory Authority said the bank had managed funds for Vladimir Putin, his cousin Igor Putin and the Russian Security Service (FSB). Then, on 25 September 2019, Aivar Rehe, a former leader of the Estonian branch between 2007 and 2015, committed suicide. Danske Bank shares also fell by half in 2018 and speculators believe the decline is due to the scandal. Despite the $ 200 billion laundering, the Danish financial institution paid only 1.5 billion kroner ($ 225 million) for the selection of charities.

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The Danske Bank scandal shows that while governments and tax agencies are tackling the little money that digital currency users could launder, the best known banks in the world are also the biggest money launderers. The largest banks in the world help launder more than $ 2 trillion a year and are fined a tiny fraction of what they have been able to obtain. Bankers are not imprisoned and banks and politicians are allowed to invade the daily financial activities of normal people.

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Financial operators are those who use unique tactics such as fund hiding with gold, mirror trading, shell companies, smurfing and legitimate money blending techniques. The revelations stemming from the Danske Bank scandal show that the global justice system is very corrupt and manipulated very closely. Indeed, while politicians focus on the laser ban on cash and claim that the main form of use of cryptocurrency is money laundering, the banking cartel and the bureaucracy steal and hide billions of dollars. dollars each year.

What do you think of Danske Bank that sells gold to its customers in order to launder funds? Tell us what you think about this topic in the comments section below.


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Jamie Redman

Jamie Redman is a financial journalist who lives in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about bitcoin, open source code and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols that are emerging today.

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