Denmark's Business Minister Rasmus Jarlov said the Danish Financial Supervisory Authority is opening a fresh investigation into the money-laundering allegations against Danske Bank A/S' Estonian branch, Bloomberg News reported July 5, citing local media.

The move follows reports that the Estonian branch may have been involved in laundering up to 53 billion Danish kroner, more than twice the previous estimate of 25 billion kroner.

Jarlov reportedly said he wants to find out how much the bank profited from the alleged illicit dealings, adding that the government should confiscate the funds once the final figure has been identified. Danish lawmakers are considering passing stricter money-laundering regulations in light of the Danske Bank case, Bloomberg added.

Danske Bank's internal investigation into the matter is ongoing, with the results expected to be released in September, the report noted.

As of July 5, US$1 was equivalent to 6.37 Danish kroner.