Estonian bank enters liquidation over money laundering case

ABC News Finance 2 months ago

Denmark's largest bank says its Estonian branch, which was involved in a 200 billion-euro ($220 billion) money laundering scandal, has entered liquidation after winding down banking activities in the Baltic country.

Frederik Bjoern, Danske Bank's chairman of the liquidation committee, said Tuesday it "has now essentially closed all banking activities in Estonia," as agreed with the Estonian financial watchdog in February.

The money laundering scandal is one of the largest of its kind. It involved dirty money being funneled from 2007 to 2015 mainly from Russia and former Soviet republics to client accounts of the Estonian bank subsidiary.

Last week, Estonian police found the body of Aivar Rehe, Danske Bank's head in Estonia in 2006-2015, and confirmed Monday he had committed suicide. He was never considered a suspect.

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