Danske Bank Laundromat Whistle-Blower Says Complex Web of Big Banks Involved, Deutsche Bank moved $150B through U.S. Unit

by J-LG

www.bloomberg.com/news/articles/2018-11-19/danske-whistleblower-points-finger-at-deutsche-bank-in-testimony

Deutsche Bank is being drawn deeper into the widening money-laundering scandal surrounding Danske Bank.

Whistle-blower Howard Wilkinson, who stunned a parliamentary hearing with an assertion that he was offered hush money by the Danish lender, estimated that more than half the $230 billion in suspect funds handled by the bank was funneled through Deutsche Bank AG’s U.S. unit. While he didn’t identify the lender, a person familiar with the matter confirmed it was Deutsche Bank.

www.bloomberg.com/news/articles/2018-11-21/laundromat-whistle-blower-testifies-in-brussels-danske-update

Europe should take a long, hard look at the international correspondent banks and U.K.-based shell companies that greased the flow of dirty money in one of the biggest laundering scandals in history, according to the man who first brought the case to the light of day.

Howard Wilkinson, a former Danske Bank A/S manager who blew the whistle on its multi-billion dollar laundromat, told lawmakers in Brussels that when it comes to shell companies, or limited liability partnerships, the U.K. is “worst of all.” He said he was legally prevented from naming the other banks involved, but urged lawmakers to treat the Danske scandal as a case that goes well beyond its core in Estonia.

This “wasn’t just about Danske Bank in Estonia. Not even about Danske Bank in Denmark. There was a whole load of banks involved,” he said. “The U.S. banks, including the U.S. subsidiary of a European Bank, were basically the last checks. Once the money got through them it was out, clean and into the global financial system.”

DB has fallen to all-time lows yesterday, trading at $9.23

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