Danske Bank money laundering scandal: a key use case for crypto

Having been caught out laundering €200 billion of criminally tainted cash, Danske Bank presents an interesting use case for blockchain technology and cryptocurrencies

The sceptics have been lamenting cryptocurrency and the blockchain from the rooftops over the past few months, so why don’t they have a bone to pick the banks who have been caught laundering hundreds of billions of Euros for criminal organisations?

Denmark’s largest financial institution, Danske Bank, is the latest to become embroiled in a money laundering scandal, with CEO Thomas Borgen admitting that €200 billion in proceeds of crime had been passed through the bank in an eight year period up until 2015.

The cash went through the FI’s Estonian branch. Controversial figure Dr Nouriel Roubini said last week that cryptocurrency was ‘a huge loophole for criminals transfer money anonymously’. But he neglected to mention the Danske Bank incident.

If banks and institutions utilised blockchain technology it would enable transparency and open public perception of banked money, meaning that if €200 billion was paid into an account over a period of time, it would raise red flags immediately.

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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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