Finance

Document Reveals That Danske Bank Uses Gold Bullion for Money Laundering

The Danish bank Danske has been in the eye of a storm for quite some time, after it was discovered that one of its branches in Estonia had been used for money laundering since 2007. It has now emerged that the bank had even used gold bullion to launder money. The revelations are quiet embarrassing for Denmark’s biggest financial entity, which currently serves as many as 5 million customers in Denmark.

According to the latest investigations, the bank may have helped in money laundering activities that approximately amount to $224 billion. It has also emerged that bank allowed a handful of its Russian customers to convert their wealth into gold and store it at the bank itself. According to documents dating back to the middle of 2012, the bank used to allow the customer to “convert their money into gold bars and coins.” Currently, every individual in Estonia who buys more than 250 grams of gold is issued a gold certificate.

The Estonian branch from where the whole scandal erupted has now been closed, yet larger concerns and critical questions around supposed political funding could also be raised. It is not unknown that foreign funding is quiet common across economies across the globe, and has now become a major issue in many political campaigns.

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Jodie Miller

Jodie Miller is experienced journalist. She holds double degree in journalism and communication. She joined our team as a content curator. She enjoys writing and curating contents related to finance and forex world.
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