European Union flags flutter outside the European Central Bank headquarters in Frankfurt, Germany, April 26, 2018. REUTERS/Kai Pfaffenbach/File Photo
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Denmark, seen widely as a beacon in the global fight against corruption and fraud, was thrust into the spotlight when an inquiry found that probably many billions of euros were laundered through the Estonian branch of the Scandinavian country's biggest lender, Danske Bank.Other European banking giants, including HSBC, Societe Generale and BNP Paribas have been fined millions of dollars in recent years for failing to put in place sufficient anti-money laundering controls.Experts say the EU's efforts are simply no match for criminals who have seen through the lack of a centralized authority tasked with fighting fraud across the bloc.Emile Legroux of the Paris-based consulting group Mazars said that while the new EU directive aims to harmonize efforts across the bloc, differences between member states' legal structures mean there are bound to be gaps in implementation.
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