On 12 March, OCCRP reported that companies were moving huge amounts of money through Danske Bank in Tallinn from Russia, Azerbaijan, and Ukraine, and justifying them with nonsensical contracts.  It is said that  auditors produced a damning report about the bank’s failure even to try to understand what its own clients were doing, but it was never made public, even after the goings-on at Danske Estonia sparked one of the biggest money laundering scandals of all time.  However, a copy of the report has been obtained by the Berlingske newspaper in Denmark and shared with OCCRP.  The article says that, in parts, the report reads like a point-by-point list of the techniques offshore companies and politically exposed people use to transfer huge sums of money without accounting for their origin — and of the bank’s failure to question them.

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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