New figures from the Estonian Central Bank indicate that money laundering in Estonia could be bigger than feared. The suspected laundering in Danske Bank, according to the bank’s own inquiry, has been carried out by account holders in the foreign customer portfolio. In total transactions worth around USD 200 billion were carried out within this customer group between 2007 and 2015.
Figures from the authorities now show that this could be the tip of the iceberg and much higher amounts may have passed through the country’s banking system, via non-resident customers.
Both Swedbank and SEB are prominent in the Baltic States and Estonia. There is nothing in the new figures that points to either of them, but the market reacted strongly and all the Swedish banks fell on the stock market. By 4 pm, Swedbank had dipped seven per cent.
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