Danish bank laundered €7bn of Russian ‘blood money’

In a case linked to the murder of Russian whistleblower Sergei Magnitsky, the namesake of the Magnitsky Act, the largest bank in Denmark, Danske Bank, laundered 7 billion euros of dirty money. The money was apparently moved out of Russia via Danske Bank’s Estonian branch between 2007 and 2015 and then spent largely on luxury properties and items, EU Observer reports. In the Magnitsky case, Russian officials, security chiefs and mafia bosses embezzled about 200 million euros from the Russian tax office in a complex fraud involving Hermitage Capital, for which Magnitsky worked as a lawyer prior to dying in prison. Bill Browder, Magnitsky’s former employer and the lead proponent of the Magnitsky Act, said his team found 20 accounts at Danske Bank that were connected to the transfer of funds from the $230 million that the Russian whistleblower exposed and was killed over. New sanctions against Russia could be discussed as a result of the Danske Bank money laundering case.

 

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