Bank Executives Targeted in Danish Crackdown on Offshore Units

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Denmark’s government wants to introduce stricter laws to target bank executives and make sure top management can be held accountable for misdeeds conducted anywhere in an organization, including all its international units.

The initiative follows allegations that Danske Bank A/S, the biggest Danish lender, became a hub for money launderers who may have funneled more than $9 billion through its Estonian branch between 2007 and 2015. The Copenhagen-based bank, which is now the target of criminal investigations in Estonia and Denmark, has said it is cooperating fully with the relevant authorities to get to the bottom of the case. Chief Executive Officer Thomas Borgen has publicly apologized for not acting sooner to stop the laundering.

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