The European Banking Authority, EBA, has published its conclusion on the investigation, which EBA has conducted of the Danish FSA and the Estonian FSA (Finantsinspektioon) in connection with the money laundering case in Danske Bank’s Estonian branch. EBA has found no basis to support that the Danish FSA or Finantsinspektioon have broken EU rules.
“I am very pleased that EBA has listened to the arguments put forth by us and our Estonian colleagues. What has happened in Estonia is very grave, but the Danish FSA acted in accordance with EU legislation, as shown in our statement of January 29, 2019. In addition, it has been our view from the start that a Breach of Union Law case was not the right instrument to evaluate a case dating back to the 2007-2014 period,” says the Danish FSA’s director general Jesper Berg.
“That said, we are obviously still very determined to learn from the case. We have been working on that for a long time, and will continue to work towards strengthening the efforts against money laundering and financial crime, based on the framework of the recent political agreement in Denmark,” Jesper Berg says.
Multiple initiatives to strengthen efforts
In recent years, several political initiatives have been taken in Denmark to strengthen the combatting of money laundering and financial crime, including strengthening the Danish FSA’s work, most recently in the political agreement of 27 March 2019. The Danish FSA’s resources for money laundering supervision have been strengthened considerably in recent years. This has already led to a multiplication in the number of inspections.