July 13, 2018 / 2:10 PM / 9 months ago

Danish pension fund freezes investment in Danske Bank over money laundering scandal

COPENHAGEN, July 13 (Reuters) - Danish pension fund MP Pension said Friday it has temporarily frozen its investments in Danske Bank over the lender’s involvement in money laundering in Estonia.

The move follows a newspaper report this month that put the amount laundered at Danske Bank’s Estonian branch between 2007 and 2015 at around $8.3 billion.

MP Pension, which holds shares in Danske Bank worth around 570 million Danish crowns ($89 million) and has 115 billion crowns under asset management, said it has been in dialogue with the bank’s top management.

Danske Bank has admitted to flaws in its anti money-laundering controls in Estonia and launched its own investigation into the case.

It is due to present its own findings in September but Denmark’s business minister has said the bank’s own investigation might not be enough.

Danske Bank has closed down the concerned non-resident accounts at its Estonian branch and is doing all it can to prevent criminal abuse, it has said.

$1 = 6.4005 Danish crowns Reporting by Jacob Gronholt-Pedersen; Editing by Elaine Hardcastle

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