Danish politicians are so shocked by the sheer magnitude of financial misdeeds committed under their watch that they say they need longer to work on legislation intended to keep bankers honest.
A proposal outlining tougher penalties for money laundering, which had been due during parliament’s spring session, now won’t see the light of day until October at the earliest, according to people familiar with the process.
The main reason for the delay is a scandal in which it’s alleged that more than $9bn in mostly Russian money was laundered through Danske Bank between 2007 and 2015, the people said. The scale of the potential breaches is so huge that Danish politicians now want their original proposal to be much tougher, they said. Cabinet is also spending more time figuring out how to calculate fines and how big penalties can be, one of the