European authorities are shocked – shocked! – to discover that money-laundering has been going on in the Baltic states.
Which, of course, means they are not. The sheer scale of Danske Bank’s reported infringements in Estonia may have come as a surprise – the lender has admitted that most of the €200 billion of foreign flows that passed through its Tallinn operation between 2007 and 2015 could be classed as suspicious.
The fact that some banks in Latvia and Estonia were acting as conduits for dirty money, however, has been an open secret for more than two decades.
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