Pension fund freezes investment in Danske Bank over money laundering scandal (Reuters)

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COPENHAGEN (Reuters) – A large Danish pension fund said on Friday it has temporarily frozen investments in Danske Bank (DANSKE.CO), piling further pressure on the bank over its involvement in money laundering in Estonia.

The scandal facing Danske Bank has intensified this month after Denmark’s business minister said a newspaper report that Danske laundered up to $8.3 billion — more than twice the amount previously reported — through its Estonian branch could prompt the country’s financial watchdog to open a new investigation.

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MP Pension, which holds shares in Danske Bank worth around 570 million Danish crowns ($89 million), said the bank’s actions in Estonia collide with its responsible investing policy. As a result, it will no longer buy or sell any Danske shares.

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