Danish FSA Wants Eightfold Increase in Money Laundering Fines
(Bloomberg) -- Denmark, whose largest bank is embroiled in the biggest money laundering scandal in the country’s history, is planning new legislation that will increase fines related to the crime by about eightfold.
A new bill proposes that perpetrators have to pay fines according to “the gravity and circumference of the offense” as well as their financial wealth, according to a draft published by Danish Financial Supervisory Authority.
Danske Bank A/S is the target of criminal investigations in Denmark and Estonia amid allegations that as much as $9 billion, mostly from Russia, was laundered through its Estonian unit between 2007 and 2015.
The bill should ensure punishment for money laundering crimes will have a targeted and preventive affect, according to the draft. The government plans to take the proposal to parliament in October.
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