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In September the bank said its small Tallinn operation had processed as much as $230 billion in suspicious-looking transactions. The funds are alleged to have originated in Russia and other former Soviet countries.
The European Banking Authority is investigating whether financial authorities in Estonia and Denmark did enough to prevent the money laundering. Danske said in September that its Estonian operation handled the possibly tainted transactions between 2007 and 2015.
The scandal has undercut Estonia’s reputation for low levels of corruption.
Lithuania meanwhile is forging ahead with plans to make the country a European hub for high-tech financial operations or “fintech.”
When UK-based Revolut started looking for a new home in the event of a hard Brexit, Lithuania was an obvious candidate.
Lithuania “started its campaign to attract fintech companies in early 2016 and has made considerable progress in creating a proper environment for the development of the fintech industry,” professors of finance Gerda Zigiene and Arturo Bris write in The Conversation.
The four-year-old digital bank Revolut was granted an EU-wide banking license by Lithuanian authorities in December, but has been forced to deny claims of Kremlin links made by the chairman of the Lithuanian parliament's budget and finance committee, Stasys Jakeliunas, Business Insider writes.
Jakeliunas alleged that DST Global Fund, a Revolut shareholder, was owned by Russians. In an open letter, Revolut’s co-founder and CEO, Nikolay Storonsky, said one of the fund’s six partners, Yuri Milner, was born in Russia but there was no other Russian link.
Storonsky was born in Russia but has a British passport and has lived in the UK since the age of 20. His father is a director at a division of Russian energy giant Gazprom. Revolut has said this was irrelevant to its operations, according to Zigiene and Bris.
We would like to invite you to meet Kathryn Thier, a recognized expert and instructor of Solutions Journalism from the University of Oregon School of Journalism and Communication.
Join us to learn more about the connections between investigative reporting and Solutions Journalism and discover the impact that bringing the “whole” story has on communities. Kathryn’s keynote speech will be followed by a panel discussion on bringing the solutions perspective into reporting practices with Nikita Poljakov, deputy editor in chief of the business daily Hospodářské noviny. Nikita is also head of the project “Nejsi sám” (You are not alone), which uses the solutions approach to tackle the issue of male suicide. The main program will be followed by an informal wine reception.
The event will take place on Monday, 25 March at 5 p.m. in the Hollar building of the Charles University Faculty of Social Sciences (Smetanovo nábřeží 6, Praha 1). The event will be in English.
Attendance is free upon registration - please, fill in the registration form.
Feel free to check out and share the event on Facebook.
The Moldovan Diaries is a multimedia, interactive examination of the country's ethnic, religious, social and political identities by Paolo Paterlini and Cesare De Giglio.
This innovative approach to story telling gives voice to ordinary people and takes the reader on the virtual trip across Moldovan rural and urban landscapes.
It is a unique and intimate map of the nation.