Issued by Transparency International Secretariat
Updated at 18:40 on 20 February 2019
Transparency International welcomes the European Banking Authority’s decision to investigate the Danish and Estonian financial supervisory authorities concerning their work over Danske Bank. Responding to a request from the European Commission, the regulator announced yesterday it will seek to determine if the two have breached European Union law by failing to act upon the apparent money laundering through the Bank’s accounts.
“We expect for this investigation to confirm that both financial supervisors have failed to protect the European Union and, by extension, our interconnected world, from dirty money,” said Maíra Martini, Knowledge Coordinator at Transparency International. “The European Union will need to identify all at fault in order to learn from this bitter lesson.”
Following the decision, the Estonian financial supervisor promptly ordered Danske Bank to close its notorious Tallinn branch, stating that