Danish Prosecutors Change 10 Former High-Level Danske Bank Officials

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Friday, May 24, 2019
Author: 
Bruce Zagaris
Volume: 
35
Issue: 
6
Abstract: 

On May 8, 2019, Danish economic prosecutors charged ten former leading employees of Danske Bank in connection with Danish police economic unit SØIK’s investigation into money laundering involving the bank’s Estonian branch. Among the defendants is Henrik Ramlau-Hansen, the former chair of the Financial Supervisory Authorities, Denmark’s financial regulator, from 2016 to 2018, and former finance director of Danske Bank.  The Danish economic police raided his house in connection with a €200 billion money laundering scandal.  The prosecutor charged him with failure to prevent certain transactions at Danske Bank for which he was finance direction from 2011 until 2015. In October 2013, he allegedly attended an important meeting when Danske executives discussed the non-resident portfolio in Estonia, according to minutes of the meeting. Prosecutors brought the charges soon after U.S. authorities requested their first interviews in the case, apparently indicating cooperation between Danish and U.S. authorities.