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.
the Danske Bank scandal provides an object lesson in the continued vulnerability of the financial system read this article I have written for the conversation https://t.co/sl9fWWp3Td
— Sean Curley (@SeanCurley9) October 22, 2018
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.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.