{"id":38826,"date":"2018-10-07T09:56:17","date_gmt":"2018-10-07T14:56:17","guid":{"rendered":"http:\/\/olduvai.ca\/?p=38826"},"modified":"2018-10-07T09:56:17","modified_gmt":"2018-10-07T14:56:17","slug":"danske-bank-who-helped-them-launder","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=38826","title":{"rendered":"Danske Bank \u2013 Who helped them Launder?"},"content":{"rendered":"

Danske Bank \u2013 Who helped them Launder?<\/a><\/h3>\n
\n

A couple of days ago the always good Francis Coppola wrote a piece for Forbes\u00a0<\/a>entitled,<\/p>\n

The Banks That Helped Danske Bank Estonia Launder Russian Money<\/strong><\/p>\n

In it she made the simple but essential point that \u00a0while Danske Bank, through its Estonian branch, had laundered $234 billion,<\/p>\n

\u2026Danske Bank Estonia couldn\u2019t do this by itself<\/strong>. Much of the money was paid in U.S. dollars, and for that, it needed help from other banks. Banks that had access to Fedwire, the Federal Reserve\u2019s electronic settlement system. Big banks, in other words.<\/p><\/blockquote>\n

Coppola then named the banks involved.<\/p>\n

J.P. Morgan<\/strong>, Bank of America<\/strong> and Deutsche Bank AG<\/strong> all made dollar transfers on behalf of the Estonian branch\u2019s non-resident customers. And according to the Wall Street Journal<\/em><\/a>, Citigroup<\/strong>\u2019s Moscow branch may have been involved in some financial transfers in and out of Danske Bank Estonia. \u00a0(bold emphasis added by me)<\/p><\/blockquote>\n

So, Bank of America, Deutsche Bank and\u00a0J.P. Morgan moved money OUT of Danske and in to dollar denominated accounts elsewhere<\/a>, (see section 19 of Danske\u2019s internal investigation). but that is only half the story. It leaves the huge unanswered question,<\/p>\n

who moved the money in to Danske Bank\u2019s Estonian branch in the first place? \u00a0<\/strong><\/p>\n

The accounts through which the money was laundered are non-resident accounts. \u00a0Non-resident simply means the people or entities which hold the accounts do not live in Estonia. So how did these non residents deposit their money in Danske\u2019s Estonia branch? \u00a0Either they physically transported $234 billion dollar\u2019s worth of their local currencies in trunks and suitcases from their own country, in to Estonia and to the bank, or it had to have been deposited electronically. Which would mean some other banks, in addition to those mentioned by Forbes, were involved.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Danske Bank \u2013 Who helped them Launder? A couple of days ago the always good Francis Coppola wrote a piece for Forbes\u00a0entitled, The Banks That Helped Danske Bank Estonia Launder Russian Money In it she made the simple but essential point that \u00a0while Danske Bank, through its Estonian branch, had laundered $234 billion, \u2026Danske Bank […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,6],"tags":[3038,5270,1718,6933,1839,3806,22173,22172,2267,537,694],"class_list":["post-38826","post","type-post","status-publish","format-standard","hentry","category-economics","category-liberty","tag-bank-of-america","tag-big-banks","tag-citigroup","tag-danske-bank","tag-deutsche-bank","tag-estonia","tag-fedwire","tag-golem-xiv-blog","tag-jp-morgan","tag-money-laundering","tag-russia"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/38826","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=38826"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/38826\/revisions"}],"predecessor-version":[{"id":38827,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/38826\/revisions\/38827"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=38826"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=38826"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=38826"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}