Denmark to ensure financial watchdog has bark and bite after Danske scandal
The country’s financial supervisory authority will get $7.25m extra funding each year
Copenhagen — Denmark’s financial watchdog will get more money, staff and powers under a deal agreed by law makers on Wednesday aimed at strengthening efforts to tackle finance crime in the wake of a money-laundering scandal at the country’s biggest bank. However, Danish business minister Rasmus Jarlov said it could take “a good while” before the financial prosecutor is ready to open a potential court case against Danske Bank. Denmark’s reputation as one of the least corrupt countries in the world has taken a big hit from Danske’s admission that €200bn of suspicious transactions flowed through its Estonian branch between 2007 and 2015. The bank is under investigation in the US, Denmark, Estonia, France and Britain. Under a deal agreed by a broad majority of parties in the Danish parliament, the country’s financial supervisory authority (FSA) will get 48-million Danish kroner ($7.25m) extra funding each year, Jarlov told reporters in Copenhagen. That will allow the watchdog to double ...
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