>> Newspaper coming on.>> The CEO of a major Danish bank has quit. As the lid has been lifted on yet another money laundering scandal in Europe, this time involving 200 billion euros.>> We, as an organization, have failed in this organization.>> Thomas Borgen stepped down from Danske Bank on Wednesday.
Outlining his deep regret that the bank had failed in its responsibilities. The billions in question were flowing through the bank's Estonian branch between 2007 and 2015. Most of it was suspicious and coming from Russia or other ex-Soviet states. The investigation said Borgen and the board of directors had not breached their legal obligations.
>> Question up here.>> But that the bank hadn't taken proper action at several crucial points. Reuters' Emil Gjerding Nielsen is in Copenhagen.>> The report didn't really mention who actually made these transactions. It mentioned Russia, it mentioned the UK, many of the outflows went from Estonia into the UK.
They went to the British Virgin Islands, they went to Finland. Now the report actually mentions a whistleblower who, back in 2013, mentioned that Russian President Vladimir Putin could be behind some of these transactions.>> This is the latest scandal to highlight Europe's inability to tackle alleged money laundering.
This month Dutch bank ING admitted criminals had been able to launder money through its accounts. And earlier this year, US authorities accused Latvia's ABLV of covering up money laundering. Which promptly led to the bank's collapse. While Danske doesn't have a banking license in the US, banning US correspondent banks from dealing with it would shut it out of the global financial network.
Already a third of its stock market value has been wiped out over the last six months over concerns about a possible US inquiry.