Reported by Rachael Rajan

The trial of six former Danske Bank employees commenced today at Harju County Court, marking the start of what is expected to be a detailed examination of one of the largest money laundering cases in Europe. The defendants stand accused of operating a professional money laundering scheme within the bank between 2007 and 2015.

The accused individuals—Juri Kidjajev, Erik Lidmets, Jevgeni Agnevštšikov, Marko Teder, Mihhail Murnikov, and Natalja Komarov—are alleged to have laundered approximately $1.6 billion and €6 million. The indictment outlines a complex web of financial crimes spanning across several countries including Russia, Azerbaijan, Georgia, Switzerland, the United States, and Iran.

According to the prosecution, the former bank employees facilitated the laundering by setting up legal entities to conceal the identities of the beneficial owners of funds suspected to be derived from criminal activities. They are also accused of providing advice on how to mask electronic money transfer trails and offering paid services for transfer documentation. Furthermore, they allegedly executed transit transactions designed to obscure both the ownership and origin of the money.

This case follows charges brought by the Prosecutor General’s Office in spring 2023, which detailed the extent of the illegal activities and identified eight predicate offenses linked to this sophisticated money laundering operation. The trial is expected to shed light on the internal workings of Danske Bank during the period in question and determine the extent of involvement by those accused.

Read full report: https://m.au.investing.com/news/stock-market-news/danske-bank-exemployees-trial-for-16-billion-laundering-begins-93CH-3038145