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Danish MP calls for financial regulator to get new powers amid Danske scandal

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Danish MP calls for financial regulator to get new powers amid Danske scandal

The Danish financial regulator could be given the authority impose fines on banks without involving the courts as the Nordic and Baltic region grapples with the Danske Bank A/S money laundering scandal, Bloomberg News reported March 11.

Rasmus Jarlov, Denmark's business minister and member of parliament, is behind the move, saying that the current system is too slow to properly address allegations around dirty money and suspicious transactions.

Giving powers to the Financial Supervisory Authority to hand out penalties without the need to go through court will accelerate the process, Jarlov said.

The decision is yet to be debated in parliament and Denmark is also looking at extending the statute of limitations on financial crimes, according to the report.

Denmark has already raised the maximum laundering fine to $4.5 billion following the scandal involving $234 billion of suspicious funds funneled through Danske Bank's Estonian branch between 2007 and 2015.