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d'ranger

Danske Bank - now we are talking real money

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So one guy realizes what is happening and blows the whistle on $230 billion in money laundering through a small branch of Danske in Estonia.

Anyone else think this is the tip of a very big iceberg?

How the Danske Bank money-laundering scheme involving $230 billion unraveled

It could be the biggest money-laundering scheme in history, with suspicious money flowing from Russia and former Soviet republics

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Odd that 60 Minutes chose this scandal when it was big news 6 months ago. Two months ago, Estonia threw Danske Bank out of the country, angrily declaring they would not be a gateway country for laundering.

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What I find ironic is every transaction over $10,000 that I make is reported to the US under the guise of anti money laundering and tax avoidance..

Yet one bank branch does not report 230 Billion in transactions, that's 230,000 X 10 grand transactions.

This in a Country where the average annual income is under USD 17,000.00 per YEAR

Somebody was getting paid off to look the other way here,  Bankers OTOH are never gonna complain about handling so much money and profiting from it.

Wonder how many other  little branches throughout the world are doing much the same right now?

Makes a mockery of international reporting laws though.

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8 hours ago, Navig8tor said:

What I find ironic is every transaction over $10,000 that I make is reported to the US under the guise of anti money laundering and tax avoidance..

Yet one bank branch does not report 230 Billion in transactions, that's 230,000 X 10 grand transactions.

This in a Country where the average annual income is under USD 17,000.00 per YEAR

Somebody was getting paid off to look the other way here,  Bankers OTOH are never gonna complain about handling so much money and profiting from it.

Wonder how many other  little branches throughout the world are doing much the same right now?

Makes a mockery of international reporting laws though.

You have to report because of US tax laws passed to track illicit drug transactions.  It has been extended to international transactions.  The Danske Bank was actually breaking a lot of international banking laws but that particular US law doesn't apply to a Danish Bank operating in Estonia working with Russian money.  Those US laws became the model for some of the other international laws on money laundering.

Once they have laundered it for the Russians, it's clean money as far as subsequent transactions are concerned.  What the whistleblower found was that Danske Bank was certifying illegitimate accounts.  Since they were 'a member of good standing' in the international banking community their certification was accepted.

Actually, JP Morgan did smell a rat and dumped the Danske Bank before the scandal broke.

60 minutes is late to the table.

Here is an article from November last year.

https://www.pymnts.com/news/banking/2018/estonia-money-laundering-scandal-deutsche-bank/

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1 hour ago, Saorsa said:

Once they have laundered it for the Russians, it's clean money as far as subsequent transactions are concerned. 

It's those pesky Russians again! :D

1 hour ago, Saorsa said:

Actually, JP Morgan did smell a rat and dumped the Danske Bank before the scandal broke. 60 minutes is late to the table.

Yup.

Hong Kong Watchdog Fines JPMorgan Over Money Laundering Controls

JPMorgan ‘Seriously Breached’ Money-Laundering Rules, Swiss Regulator Says

BRIEF-HKMA Reprimands And Fines JPMorgan Chase Bank For Anti-Money Laundering Contraventions

Here’s the staggering amount banks have been fined since the financial crisis

The $9 Billion Witness: Meet JPMorgan Chase’s Worst Nightmare 

etc. etc. etc....

 

 

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9 hours ago, Keith said:

My wife & I worked for a major Canadian multinational bank for decades and the 10K reporting limit was strictly enforced.

Now not so much apparently. We know people who retired early because they refused to be involved with the "turn a blind eye" culture that has crept in.

How does a Lamborghini dealer deposit the funds when a kid pays cash for a new Lambo unless the bank is complicit?

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So the question is: did any (or how much) of that cleaned Russian money make it's way to Trumplandia.

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1 hour ago, SloopJonB said:
11 hours ago, Keith said:

My wife & I worked for a major Canadian multinational bank for decades and the 10K reporting limit was strictly enforced.

Now not so much apparently. We know people who retired early because they refused to be involved with the "turn a blind eye" culture that has crept in.

How does a Lamborghini dealer deposit the funds when a kid pays cash for a new Lambo unless the bank is complicit?

If the money came in a suitcase from a guy named Vinny, then yeah, problem.

My understanding is that reporting large sums of cash is only a problem if you can't (or are not willing to) verify where the cash came from. Or if you decide "fuck this, I'll just make 150 deposits of $9,999.99 each"

The latter type of transactions tend to attract unwanted attention, I'm told...........

-DSK

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8 minutes ago, d'ranger said:

So the question is: did any (or how much) of that cleaned Russian money make it's way to Trumplandia.

That clean Russian money made it's way into real estate all over the world.  I've pointed that out to you before.  The oligarchs are buying with money already laundered.

Don't you recall all those bitchy threads about Trump actually doing the laundering? I seem to recall posting about seven links from different major world cities where the complaint was the Russians pushing up real estate prices.

But, hey, you've got a great big portion of your brain dedicated to Trump.

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1 hour ago, SloopJonB said:

My wife & I worked for a major Canadian multinational bank for decades and the 10K reporting limit was strictly enforced.

Now not so much apparently. We know people who retired early because they refused to be involved with the "turn a blind eye" culture that has crept in.

How does a Lamborghini dealer deposit the funds when a kid pays cash for a new Lambo unless the bank is complicit?

He shows the bill of sale for the Lambo on request.

 

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8 minutes ago, Saorsa said:

That clean Russian money made it's way into real estate all over the world.  I've pointed that out to you before.  The oligarchs are buying with money already laundered.

Don't you recall all those bitchy threads about Trump actually doing the laundering? I seem to recall posting about seven links from different major world cities where the complaint was the Russians pushing up real estate prices.

But, hey, you've got a great big portion of your brain dedicated to Trump.

Butthurt much? Defending Trump is a long and painful job - and guess what? It's not going to end well no matter how much you Baghdad Bob it.

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7 minutes ago, d'ranger said:

Butthurt much? Defending Trump is a long and painful job - and guess what? It's not going to end well no matter how much you Baghdad Bob it.

I'm not defending Trump, simply pointing out the idiocy of you position that somehow it is relevant whether some oligarch bought a flat in Trump tower.  That is not money laundering.

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2 hours ago, SloopJonB said:

How does a Lamborghini dealer deposit the funds when a kid pays cash for a new Lambo unless the bank is complicit?

I think they just use a bank card to buy the car - https://www.ctvnews.ca/canada/chinese-tycoon-s-son-complains-about-b-c-taxes-on-purchase-of-5m-supercar-1.4378611 - and then the "laundering" is on the funds that are entering the account in China.

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20 minutes ago, Saorsa said:

I'm not defending Trump, simply pointing out the idiocy of you position that somehow it is relevant whether some oligarch bought a flat in Trump tower.  That is not money laundering.

really depends where the funds came from - it"s idiocy for you to claim you definitively know. especially when there are many, many reports that Trump just doesn't give a fuck. but then - this kind of stupidity from you is why everyone calls you  a trump water carrier, it's a silly stupid hill and you are making your stand.

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6 minutes ago, Mismoyled Jiblet. said:

really depends where the funds came from - it"s idiocy for you to claim you definitively know. especially when there are many, many reports that Trump just doesn't give a fuck. but then - this kind of stupidity from you is why everyone calls you  a trump water carrier, it's a silly stupid hill and you are making your stand.

If the money is clean why should he give a fuck?

OBTW, we have laws about refusing to sell houses to people because you don't like their ethnicity.

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8 minutes ago, Saorsa said:

If the money is clean why should he give a fuck?

OBTW, we have laws about refusing to sell houses to people because you don't like their ethnicity.

Has that been definitively established?

It sure seems he has some dealings with less than upstanding folks, including banks which have been nailed for money-laundering.

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54 minutes ago, Saorsa said:

He shows the bill of sale for the Lambo on request.

 

Exactly, he's complicit.

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46 minutes ago, Saorsa said:

I'm not defending Trump,

uh, yes you are. as Eva Dent

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Posted (edited)

I haven't seen the 60 minutes "show" or if the latest development is in it, but the CEO at the time and other members of the MT have been charged and their houses searched.
I really hope that they are going to see actual jail time for this. No one should be able to get away with "We didn't know" when that lille shitty branch of their bank brought in 10 percent of their entire profits. You fucking very well knew.

 

Edited by ModernViking
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49 minutes ago, Saorsa said:

If the money is clean why should he give a fuck?

For someone who constantly spews bullshit about binary thinking, you are really fucking binary when you want to be. There's a difference between clean, "clean" and "clean because I'm really not bothering to look".

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1 hour ago, SloopJonB said:

Exactly, he's complicit.

How so?  At no point did the dealer or bank engage in an illegal activity.

Where did the kid get the cash?  Does the dealer have the right to question it?  Should he turn someone in to the police?  On what basis?

The dealer takes the money to the bank.  When the bank wants to know where it came from he fills in the form, he reports the sale, shows the receipt and goes on his way.  The bank then passes the information on to whoever in the IRS gets the reports.  They have the opportunity to investigate and prosecute.

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1 hour ago, Mismoyled Jiblet. said:

For someone who constantly spews bullshit about binary thinking, you are really fucking binary when you want to be. There's a difference between clean, "clean" and "clean because I'm really not bothering to look".

How would you look?

I mean that in terms of investigate.

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38 minutes ago, Saorsa said:

How so?  At no point did the dealer or bank engage in an illegal activity.

That is not necessarily true depending on the applicability of KYC laws. See https://www.latimes.com/local/lanow/la-me-ln--money-laundering-20150307-story.html It's also excluding the reputational risk to the institution. Anyways - this is the hill you want to die on, have at it. There's a reason some banks/people have reputations for being shifty/shady and others don't. Clearly you don't GAF. I think we've even had this same conversation with your dumbass or one of the other dumbasses here.

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8 hours ago, Saorsa said:

How so?  At no point did the dealer or bank engage in an illegal activity.

Where did the kid get the cash?  Does the dealer have the right to question it?  Should he turn someone in to the police?  On what basis?

The dealer takes the money to the bank.  When the bank wants to know where it came from he fills in the form, he reports the sale, shows the receipt and goes on his way.  The bank then passes the information on to whoever in the IRS gets the reports.  They have the opportunity to investigate and prosecute.

Even you aren't that stupid.

Are you?

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2 minutes ago, SloopJonB said:

Even you aren't that stupid.

Are you?

Yes.

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5 hours ago, SloopJonB said:

Even you aren't that stupid.

Are you?

Where did the kid get the cash?

Does the dealer have the right to refuse service?  You know like wedding cakes and photo shoots.

 

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14 hours ago, Saorsa said:

Where did the kid get the cash?

Does the dealer have the right to refuse service?  You know like wedding cakes and photo shoots.

I agree, the bank is in the clear, needing only the evidence you suggest.

As appeared to be linked to that paywalled latimes site, the car dealer is not in the clear. Money laundering is not only a crime for banks.

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On 5/19/2019 at 10:46 PM, Navig8tor said:

What I find ironic is every transaction over $10,000 that I make is reported to the US under the guise of anti money laundering and tax avoidance..

Yet one bank branch does not report 230 Billion in transactions, that's 230,000 X 10 grand transactions.

This in a Country where the average annual income is under USD 17,000.00 per YEAR

Somebody was getting paid off to look the other way here,  Bankers OTOH are never gonna complain about handling so much money and profiting from it.

Wonder how many other  little branches throughout the world are doing much the same right now?

Makes a mockery of international reporting laws though.

Math test. Which is correct??

$230,000,000,000

A. $1,000,000 x 230,000

B. $100,000x 230,000

C. $10,000 x 230,000

D. $1,000 x 230,000

 

 

( $230,000,000,000 is 23,000,000 $10,000 transactions ) 

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14 hours ago, Saorsa said:

Where did the kid get the cash?

Does the dealer have the right to refuse service?  You know like wedding cakes and photo shoots.

 

So that would be a yes.

Ish was right.

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19 minutes ago, Gouvernail said:

Math test. Which is correct??

$230,000,000,000

A. $1,000,000 x 230,000

B. $100,000x 230,000

C. $10,000 x 230,000

D. $1,000 x 230,000

 

 

( $230,000,000,000 is 23,000,000 $10,000 transactions ) 

Oops my bad was extrapolating from a calculator incapable of billions as an input.

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On 5/20/2019 at 9:51 AM, Saorsa said:

I'm not defending Trump, simply pointing out the idiocy of you position that somehow it is relevant whether some oligarch bought a flat in Trump tower.  That is not money laundering.

Depends on how it’s done.....

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Suitcases full of cash usually qualify.

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12 hours ago, SloopJonB said:

So that would be a yes.

Ish was right.

No, I didn't see the paywalled link so I googled Car dealer guiltiy of money laundering.

In every case I found the dealer was violating the law by not reporting the transaction.  Here are links from DOJ, FBI and FInCEN as examples

https://www.justice.gov/usao-wdny/pr/car-dealer-convicted-money-laundering

https://archives.fbi.gov/archives/tampa/press-releases/2012/president-of-car-dealership-convicted-of-money-laundering

https://www.fincen.gov/sar-leads-guilty-plea-used-car-dealer-willing-launder-drug-proceeds

The dealers did nothing wrong in selling the car, it was their own actions after the sale that were criminal.

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Big banks are not our friends.  Money laundering?  The Federal Reserve directly supports it!  Very much another case of "Baptists and bootleggers"... I've long since rotated to full cynicism on the bankers..

The $10K laws are there to catch the little guys.  Big guys have no problem circumventing capital controls etc.  I hadn't heard about "the money planes" back when it was going on, but it is well-documented that the Fed was literally shipping hundreds of millions of dollars of fresh cash through a front-bank every week straight to Russia for laundering purposes...

https://www.armstrongeconomics.com/uncategorized/the-money-plane-republic-national-bank-russia/

7 hours ago, SloopJonB said:

Suitcases full of cash usually qualify.

How about whole plane-loads full?  I guess they're too big to trail...

Money-Plane-NY-Magazine.jpg

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On 5/20/2019 at 12:14 PM, d'ranger said:

So the question is: did any (or how much) of that cleaned Russian money make it's way to Trumplandia.

Shouldn't we ask instead where DID all the $$ go?  Trump, UK, ???   Might be an interesting answer. 

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7 hours ago, SloopJonB said:

Suitcases full of cash usually qualify.

Whereas pallet loads generally get waved right on thru

trilli-e1415243124169.jpg

"Steal a loaf of bread, and they hang you. Steal a trillion, and they make you king......"

-DSK

 

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7 hours ago, SloopJonB said:

Suitcases full of cash usually qualify.

As proof of guilt justifying seizure without trial? Yes, unfortunately.

And the cash can be scattered around your luggage.

There are training programs to help teach cops to loot more cash.

They don't train them to forge documents to seize cash (I hope) but it does happen.

On 10/2/2014 at 6:00 PM, Importunate Tom said:

Sorry, I could go on but I know that the drug war's cash cow is a boring topic. Just triggered. I'll go work in my yard.

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19 minutes ago, Steam Flyer said:

Whereas pallet loads generally get waved right on thru

trilli-e1415243124169.jpg

"Steal a loaf of bread, and they hang you. Steal a trillion, and they make you king......"

-DSK

 

That was on the way to Iran, right?

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On 5/20/2019 at 12:14 PM, d'ranger said:

So the question is: did any (or how much) of that cleaned Russian money make it's way to Trumplandia.

That's certainly a question.

The answer is most likely to be found in the record of NY real estate transactions.  I don't know about NY but FL publishes theirs.

You might try ZIllow.com

 

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35 minutes ago, Saorsa said:

The answer is most likely to be found in the record of NY real estate transactions.  I don't know about NY but FL publishes theirs.

wherein Soreass again shows he doesn't understand the question, the problem, or the subject but he'll not argue Trumps innocence to the death. offshore LLC buys property tells you little without knowing who owns and who funded the LLC

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51 minutes ago, Saorsa said:
1 hour ago, Steam Flyer said:

trilli-e1415243124169.jpg

"Steal a loaf of bread, and they hang you. Steal a trillion, and they make you king......"

-DSK

 

That was on the way to Iran, right?

Dunno, it might have been on it's way to Iraq.

https://www.theguardian.com/world/2007/feb/08/usa.iraq1

https://www.reuters.com/article/us-iraq-usa-cash/u-s-sent-pallets-of-cash-to-baghdad-idUSN0631295120070207

BTW the $4 billion which Reuters talks about was only during the short time period right before returning sovereignty to the Iraqi parliament

If it was on it's way to Iran, it was all their own money. Instead trying to pin something bad on Obama you should thank him for getting an interest-free loan out of them.

OOPS another right-wingnut smear campaign that falls apart in the face of actual reality. However, no shame, right??

-DSK

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26 minutes ago, Steam Flyer said:

Dunno, it might have been on it's way to Iraq.

https://www.theguardian.com/world/2007/feb/08/usa.iraq1

https://www.reuters.com/article/us-iraq-usa-cash/u-s-sent-pallets-of-cash-to-baghdad-idUSN0631295120070207

BTW the $4 billion which Reuters talks about was only during the short time period right before returning sovereignty to the Iraqi parliament

If it was on it's way to Iran, it was all their own money. Instead trying to pin something bad on Obama you should thank him for getting an interest-free loan out of them.

OOPS another right-wingnut smear campaign that falls apart in the face of actual reality. However, no shame, right??

-DSK

Well, we did get our traitor back.

 

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13 hours ago, Saorsa said:

Well, we did get our traitor back

What incredible scum you are - you can't even get the countries straight . .  Iran, Iraq, Afghanistan what's the difference ? 

And Sgt. Bowie is ten times the human being to which you could ever aspire. 

You're a low-life punk 

 

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32 minutes ago, AJ Oliver said:

Iran, Iraq, Afghanistan what's the difference ?

Hey, they're all full of Mooslim brown people aren't they?

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