Howard Wilkinson, a former executive at Danske Bank, is the whistleblower who exposed the largest money laundering scandal in history:\u00a0A massive operation that funneled an estimated $230 billion in illicit funds from Russia and other former Soviet states into Western banks.\u00a0His disclosures stopped the massive money laundering scheme and led to Danske being held accountable and forced to undergo rigorous internal reforms.<\/p>\n\n\n\n
Wilkinson, a British national, was the head of the bank\u2019s trading operations in Estonia.\u00a0In 2013-14, he raised internal concerns about suspicious activities and a lack of proper anti-money laundering controls.\u00a0 His allegations were initially ignored and covered-up, despite internal audit confirming the validity of his concerns.<\/p>\n\n\n\n
Eventually the bank was forced to admit that all <\/em>of its internal controls had failed to stop the illegal transactions. The bank was ultimately forced to plead guilty to money laundering related crimes and pay over $2 billion in fines.<\/p>\n\n\n\n Wilkinson and his counsel testified before the Danish and European Parliaments, providing crucial details about the inner workings of the money laundering schemes and the importance of enacting effective whistleblower laws in Europe.<\/p>\n\n\n\n For his role in exposing the scandal, Wilkinson has been recognized for his courage and integrity.\u00a0In 2020, he was awarded the prestigious Allard Prize for International Integrity by the Association of Certified Fraud Examiners. His actions have had a significant impact on the global financial industry, leading to increased scrutiny of anti-money laundering practices and greater awareness of the role of whistleblowers in uncovering corporate wrongdoing.\u00a0<\/p>\n\n\n\n His case played a pivital role in having the U.S. Congress enact the AML Whistleblower Enhancement Act of 2022, providing for mandatory financial awards for whistleblowers whose original information results in successful enforcement actions.<\/p>\n","protected":false},"excerpt":{"rendered":" Howard Wilkinson exposed a money laundering scheme involving approximately \u20ac200 billion (about $230 billion) in suspicious transactions that flowed through Danske Bank’s Estonian branch.<\/p>\n","protected":false},"featured_media":986,"template":"","meta":{"_acf_changed":true},"reference-tag":[74],"story-category":[43],"class_list":["post-686","story","type-story","status-publish","has-post-thumbnail","hentry","reference-tag-aml-practice","story-category-money-laundering"],"acf":[],"yoast_head":"\n