€200 BILLION Bank Fraud!! Money Laundering Machine 💶

Coin Bureau published this video item, entitled “€200 BILLION Bank Fraud!! Money Laundering Machine 💶” – below is their description.

– TIMESTAMPS –

0:00​ Intro

1:27 What is money laundering?

4:00 Setting the scene

7:00 The warning signs

8:59 Problems brewing

11:26 Dubious revenue

14:54 Allegations & downfall

20:07 Final thoughts

~~~~~

⛓️ 🔗 Useful Links 🔗 ⛓️

► The Danske Bank Money Laundering Scandal: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3446636

► Acquisition of Sampo Bank: https://www.ft.com/content/30c49a04-6fe3-11db-9da6-0000779e2340

► Moody’s view on the acquisition: https://www.moodys.com/research/Moodys-reviews-Sampo-Banks-A1-and-AS-Sampo-Panks-A2–PR_122659?cy=chn&lang=zh-cn

► Andrei Kozlov assassination: https://www.theguardian.com/business/2006/sep/14/russia.internationalnews

► Azerbaijani laundromat: https://www.occrp.org/en/azerbaijanilaundromat/denmarks-biggest-bank-hosted-azerbaijani-slush-fund

► €200 billion in suspicious transactions: https://www.reuters.com/article/us-danske-bank-moneylaundering-explainer-idUSKCN1NO10D

► Danske Bank shares fall: https://www.ft.com/content/50f338fe-7f5c-11e8-bc55-50daf11b720d

► Mirror trades: https://www.ft.com/content/f13ae77a-c7f1-11e8-ba8f-ee390057b8c9

~~~~~

💰 What Is Money Laundering? 💰

In short, money laundering is the process by which the proceeds of crime are disguised to mask their illicit origins. This process can be broken down into three key stages:

1. Placement: When that dirty money is put into the traditional financial system.

2. Layering: When funds, securities or insurance contracts are layered to complicate the paper trail.

3. Integration: When dirty money is fully integrated into the financial system. That’s done by purchasing assets like real estates or luxury goods like watches.

🏞️ Setting The Scene 🏞️

Danske Bank is a Nordic bank who is the largest financial institution in Denmark. Naturally, these chaps wanted to make even more money and wanted to expand. A great place for that seemed to be the Baltics given their close proximity.

So, amongst that backdrop Danske announced the acquisition of Finnish-based Sampo Bank. That deal went through in 2007 and included the Sampo Pank branch in Estonia – a branch that had strong links to Russia and a large Russian nonresident portfolio.

⚠️ The Warning Signs ⚠️

Just before the acquisition, the Estonian newspaper Eesti Express reported how the Russian Central Bank’s Deputy Governor, Andreai Kozlov, visited the Estonian capital Tallinn to demand the closure of suspicious accounts at Estonian banks. Some of those accounts were at the Sampo Pank branch.

Andreai also warned the Estonian FSA before being assassinated in mysterious circumstances.

🤔 Problems Brewing 🤔

In 2007, the Estonian FSA did an inspection at Sampo Pank – which scrutinized their non-resident portfolio. The findings were highly critical of the bank’s know your customer checks.

However, even then, the Russian Central Bank was telling the Danish FSA that Sampo Pank clients were making dubious transactions.

💸 Dubious Revenue 💸

Yes, the banking crisis hit the revenue of banks hard. However, Danske bank cooked up a plan to increase profitability by expanding the non-resident portfolio. That saw the number of non-resident accounts expand by 6500 from 3300.

A lot of those new accounts were created at the Sampo Pank branch. That expansion was powered by the branch being given greater independence from the group. This involved things like issuing foriegn exchange lines of credit to non-residents, even if the company involved didn’t provide any financial statements of where the money had come from.

💥 Allegations & Downfall 💥

2014 saw whistleblower allegations hit the bank about their non-resident portfolio. One insider uncovered that a UK dormant company had deposited nearly $1 million at the Estonian branch. So, that UK company filing was fraudulent.

In the face of the whistleblowing, Danske Bank prioritized profit over everything else and postponed further investigations for another three years. When that report was finally published, it turned out that between 2007 to 2015, around €200 billion of suspicious non-resident transactions had flowed through that single bank branch in Estonia. That figure was ten times Estonia’s GDP back in 2007.

📜 Disclaimer 📜

The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.

#Banking #Scandal #Crypto #moneylaundering #tax

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In This Story: Denmark

Denmark, officially the Kingdom of Denmark, is a Nordic country in Northern Europe.  The capital is Copenhagen. Denmark proper, consists of a peninsula, Jutland, and an archipelago of 443 islands.

The Kingdom of Denmark comprises Denmark proper and the two autonomous territories in the North Atlantic Ocean: the Faroe Islands and Greenland. Home rule was established in the Faroe Islands in 1948; in Greenland home rule was established in 1979 and further autonomy in 2009.

Denmark has highly developed mixed economy. Denmark became a member of the European Economic Community (now the EU) in 1973, but negotiated certain opt-outs; it retains its own currency, the krone. It is among the founding members of NATO, the Nordic Council, the OECD, OSCE, and the United Nations; it is also part of the Schengen Area. Denmark has close linguistic ties to its Scandinavian neighbours.

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Estonia, a country in Northern Europe, borders the Baltic Sea and Gulf of Finland. Including more than 1,500 islands, its diverse terrain spans rocky beaches, old-growth forest and many lakes. Formerly part of the Soviet Union, it’s dotted with castles, churches and hilltop fortresses. The capital, Tallinn, is known for its preserved Old Town, museums and the 314m-high Tallinn TV Tower, which has an observation deck.

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