Billion Wash Rolls Rolls In Court: Previous Bank Director Required Prison

One would think for a moment that Stein Bagger was at stake again.

Money laundering cases have for several years pulled ugly traces through the financial sector, but rarely has a case hit so directly into the top management, as is now the case in a Danish bank.

Here, a former bank director is facing a serious prosecution where both criminal liability and future business career are at stake.

The prosecution requires prison sentences and disqualification of the right to lead companies after over 20,000 suspicious transactions for a total of DKK 2.3 billion according to the indictment were locked through the bank in just one year.

It writes Extra Bladet

According to the National Unit for Special Crime, there were companies with a high risk of money laundering, and the money transfers took place without sufficient insight into either purpose or ownership.

Authorities believe that the warnings about possible money laundering and terrorist financing were so significant that they should have triggered a notification to the Police Money Laundering Secretariat.

It did not happen and therefore the gaze is now directed to the top of the organization.

The indictment describes the role of the former director as ‘particularly serious or extensive intentional’. According to defense lawyer Henrik Stagetorn, his client pleads guilty, but he has so far chosen not to comment on the matter in public.

« He does not want to comment before the trial, » says a written comment.

The case adds to a number of scandals where banks have been criticized for letting large sums pass without proper control. But where other cases are aimed at the company itself, an individual now stands for accounting.

It gives the case a special touch, which will undoubtedly be followed closely when it reaches the City of Copenhagen.