As liquidation of the scandal-ridden Estonian branch of Danske Bank begins, legal experts believe there is still a gap between authorities’ strong words on financial crime and the steps taken to address it.
At the beginning of the month, the Estonian Financial Supervision Authority (FSA) announced that the local branch of Danske Bank, the epicentre of a €200bn money laundering conspiracy, would enter liquidation.
While the bank undertakes the transfer of 11,000 clients and their assets to its Lithuanian outpost and LHV Bank, senior government figures have warned that Estonia still has some way to go in addressing shortcomings in its anti-money laundering (AML) regime.
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