Prosecutors in Denmark have dropped charges against the former chief executive of Danske Bank and two other senior executives as part of their investigation into the bank’s Estonian branch money laundering scandal.
The State Prosecutor for Serious Economic and International Crime said it had dropped all charges against former Chief Executive Thomas Borgen, former Chief Financial Officer Henrik Ramlau-Hanse and former Head of International Banking Lars Morch.
In 2018, Danske Bank admitted that the vast majority of €200bn that flowed through its Estonian branch prior to 2015 from Russia and other countries was suspicious.
However prosecutors in Denmark have not found enough evidence to show gross negligence, as required under Danish law.
The decision means no individual is now facing charges, although the bank itself is still being investigated for potential breaches of anti-money laundering legislation. The bank is also still facing a criminal investigation in the United States.
On Wednesday, Danske Bank said that it could be required to “undertake further internal investigation” into the case.
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