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– TIMESTAMPS –

0:00​ Intro
1:27 What’s cash laundering?
4:00 Setting the scene
7:00 The warning indicators
8:59 Issues brewing
11:26 Doubtful income
14:54 Allegations & downfall
20:07 Last ideas

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⛓️ 🔗 Helpful Hyperlinks 🔗 ⛓️

► The Danske Financial institution Cash Laundering Scandal:
► Acquisition of Sampo Financial institution:
► Moody’s view on the acquisition:
► Andrei Kozlov assassination:
► Azerbaijani laundromat:
► €200 billion in suspicious transactions:
► Danske Financial institution shares fall:
► Mirror trades:

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💰 What Is Cash Laundering? 💰

Briefly, cash laundering is the method by which the proceeds of crime are disguised to masks their illicit origins. This course of will be damaged down into three key levels:

1. Placement: When that soiled cash is put into the normal monetary system.
2. Layering: When funds, securities or insurance coverage contracts are layered to complicate the paper path.
3. Integration: When soiled cash is totally built-in into the monetary system. That’s achieved by buying property like actual estates or luxurious items like watches.

🏞️ Setting The Scene 🏞️

Danske Financial institution is a Nordic financial institution who’s the biggest monetary establishment in Denmark. Naturally, these chaps needed to make much more cash and needed to broaden. An amazing place for that appeared to be the Baltics given their shut proximity.

So, amongst that backdrop Danske introduced the acquisition of Finnish-based Sampo Financial institution. That deal went by in 2007 and included the Sampo Pank department in Estonia – a department that had robust hyperlinks to Russia and a big Russian nonresident portfolio.

⚠️ The Warning Indicators ⚠️

Simply earlier than the acquisition, the Estonian newspaper Eesti Categorical reported how the Russian Central Financial institution’s Deputy Governor, Andreai Kozlov, visited the Estonian capital Tallinn to demand the closure of suspicious accounts at Estonian banks. A few of these accounts have been on the Sampo Pank department.

Andreai additionally warned the Estonian FSA earlier than being assassinated in mysterious circumstances.

🤔 Issues Brewing 🤔

In 2007, the Estonian FSA did an inspection at Sampo Pank – which scrutinized their non-resident portfolio. The findings have been extremely crucial of the financial institution’s know your buyer checks.

Nonetheless, even then, the Russian Central Financial institution was telling the Danish FSA that Sampo Pank shoppers have been making doubtful transactions.

💸 Doubtful Income 💸

Sure, the banking disaster hit the income of banks laborious. Nonetheless, Danske financial institution cooked up a plan to extend profitability by increasing the non-resident portfolio. That noticed the variety of non-resident accounts broaden by 6500 from 3300.

Loads of these new accounts have been created on the Sampo Pank department. That growth was powered by the department being given larger independence from the group. This concerned issues like issuing foriegn trade strains of credit score to non-residents, even when the corporate concerned didn’t present any monetary statements of the place the cash had come from.

💥 Allegations & Downfall 💥

2014 noticed whistleblower allegations hit the financial institution about their non-resident portfolio. One insider uncovered {that a} UK dormant firm had deposited practically $1 million on the Estonian department. So, that UK firm submitting was fraudulent.

Within the face of the whistleblowing, Danske Financial institution prioritized revenue over all the things else and postponed additional investigations for an additional three years. When that report was lastly printed, it turned out that between 2007 to 2015, round €200 billion of suspicious non-resident transactions had flowed by that single financial institution department in Estonia. That determine was ten instances Estonia’s GDP again in 2007.

📜 Disclaimer 📜

The knowledge contained herein is for informational functions solely. Nothing herein shall be construed to be monetary, authorized or tax recommendation. The content material of this video is solely the opinions of the speaker who will not be a licensed monetary advisor or registered funding advisor. Buying and selling cryptocurrencies poses appreciable threat of loss. The speaker doesn’t assure any explicit end result.

#Banking #Scandal #Crypto #moneylaundering #tax

Source: Coin Bureau