Denmark reopens Danske money laundering probe, United Kingdom launches related probe

Thomas F. Borgen the CEO of Danske Bank gestures during a press conference in which he resigned in Copenhagen

In a sign of the growing pressure on Danske Bank, which already faces criminal inquiries in Denmark and Estonia, the chief executive of CARE Danmark said on Twitter that the Danish charity had chose to end its relationship with lender.

Earlier this week the bank revealed that United Kingdom corporate entities were second only to Russian Federation in being the largest proportion of non-resident customers at Danske's Estonian branch. On September 19, Danske Chief Executive Thomas Borgen resigned over the scandal.

Regarding the Estonia money laundering case, European justice commissioner Vera Jourova said she would summon ministers from Denmark and Estonia to explain how the bank executives and regulators missed the wrongdoing, which she described as "the biggest scandal" now taking place in Europe and as a very unpleasant lesson for EU regulators, according to The Guardian. Yesterday, the regulator made clear it won't only rely on the bank's internal report as a basis for its own investigation, and signalled it may take a much harsher view on management's role in the case. An independent investigation published on Wednesday found that 15,000 customers were involved in suspicious transactions.

Speaking from an informal European Union leaders summit in Salzburg, Danish Prime Minister Lars Lokke Rasmussen said the "fact that Denmark has been at the center of money laundering of this size is frankly quite terrible". "But now the work we have in this matter intensifies".

"We've chose to drop Danske Bank due to the money-laundering scandal, which is incompatible with the values our organisation stands for and what our members expect of us", CARE Danmark CEO Rasmus Stuhr Jacobsen said.

Denmark's business minister, Rasmus Jarlov, said he expected that Danish authorities could fine Danske 4bn Danish kroner (£475m).

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Jourova told reporters that she will meet with the finance ministers of Denmark, Estonia and Finland in October to better understand "where the main errors happened" at Danske Bank and whether supervisory authorities had also been at fault.

Jeppe Kofod, a Danish member of the European parliament and a member of the parliament's special committee on financial crimes, tax evasion and tax avoidance., said USA authorities were examining the case and he expected a full investigation.

New information released in a report earlier today, however, shows that the bank has laundered significantly more than that - $234 billion to be exact.

Danske's shares, which have lost 28% of their value so far this year, rose 4.5% on Thursday after UBS advised clients to buy the shares. However, the bank's investigation has revised this number.

Bloomberg Intelligence estimates Danske may have to pay more than €1 billion (RM4.97 billion) in total, while a Bloomberg News survey points to about US$800 million (RM3.31 billion), roughly matching the amount that Deutsche Bank AG and ING Groep NV paid for similar misdeeds.

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