Denmark has reported the local operations of Ernst & Young and KPMG to the police amid a widening crackdown on money laundering in the country.
EY is being investigated for failing to alert the authorities to red flags linked to the Danske Bank A/S Estonian laundering case. KPMG was the auditor of Kobenhavns Andelskasse, a small local lender that was shut down last year amid concerns it was systematically used for money laundering.
Business Minister Rasmus Jarlov said, “It’s good that the authorities — the Business Authority, the police and the Financial Supervisory Authority — are 100 percent on top of this case” which “needs to be investigated all the way.”
The full original article can be found at bloomberg.com