Danske Bank’s Estonian branch had been investigated because of allegations it had funnelled €200 billion of dirty money into the European Union. This was being investigated by the European Banking Authority which abruptly closed the case late last week, rejecting the findings of its own draft report. Cue uproar from the European Commission, justice commissioner Vera Jourova saying, ‘’the case of Danske Bank is not closed for us, regardless of the decision of EBA. It is important that supervision at national level is effective and fully in line with EU law’’. The case highlights deficiencies in the system as national watchdogs at the EBA don’t want to criticise each other.
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