Denmark's largest bank laundered €200B through its Estonian branch, ignoring glaring warning signs

#1

Originally published at: https://boingboing.net/2018/09/19/something-is-rotten.html

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#2

“Now, under the bank’s Know Your Customer policy, I’m required to ask you a few questions. First of all, what is it that you do?”

“I’m a money launderer.”

“Excellent. And what will you be using this account for?”

“Laundering money.”

“I see. Will this money be coming primarily from (a) drug sales, (b) arms sales, ( c) profits of miscellaneous criminal activity such as racketeering, extortion, exploitation of prostitution, etc., or (d) looting of national assets?”

“Uh … a bit of all four, to be honest. Do you need exact numbers?”

“No, no, this is just to get a general idea. I’ll just put down ‘Other’, and we can get into more detail later if necessary. It’s really just a formality, to help us decide what other services we can offer you. For instance, we have a real estate investment service that’s very popular with some of our drug money customers. I can find you a brochure if you’re interested.”

“That does sound like it might be … useful.”

“Splendid. Well, that completes our questions. Welcome to Danske Bank. We’re delighted to have you as a customer.”

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#4

Hey, he’s “stepped down”. I’m sure that’s punishment enough.

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#5

So the takeaway here is that when you successfully launder €200bn of dirty murder money, you only pay €6B in fines? And nobody goes to jail for being complicit in the aiding / abetting of the worst criminal acts?

The fines should be levied at a 1:1 ratio - with jail sentences mandated for everyone complicit. Anything else is a travesty - esp. in a country that so many look up to like Denmark.

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#6

But… they’re rich. They don’t do consequences.

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#7

I’d suggest higher than 1:1, to make sure society is still made whole if damages are under estimated and because if it is only 1:1, some percent of companies won’t get caught, making this a still statistically profitable business.

And mandatory liquidation of companies with particularly eggregious or repeating violations.

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#8

If the CEO steps down, that doesn’t immunize him against criminal charges, but it probably makes him much harder to sue, poor guy.

#9

Stepping down so he has more time to enjoy the money he’s made.

#10

It is worth noting that when Thomas Borgen stepped down because of his “incompetence”, he received a golden handshake of a measly $2 million. How sad he must be.

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#11

I was asleep at the brain-wheel. Agreed: a much greater than 1:1 fine should be levied for laundering blood money.

The banksters - in addition to stiff jail sentences - should also receive a vicious kick to the genitals.

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