Thomas Borgen admits most of £180bn that passed through Estonian branch was fraudulent

The boss of Denmark’s biggest bank has resigned after admitting that the vast majority of €200bn (£178bn) flowing through its Estonian branch was money-laundered cash flowing illegally out of Russia, the UK and the British Virgin Islands.

“It is clear that Danske Bank has failed to live up to its responsibility in the case of possible money laundering in Estonia. I deeply regret this,” Thomas Borgen said in his resignation statement on Wednesday.

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