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Last Stop for Some of Danske Bank’s Dirty Money: Spanish Real Estate

  • Prosecutors allege about 10 million euros spent on property
  • Decision on further probe, trial shifts to national court
Quixote Park at Housing-Crash Emblem Shows Rising Madrid Demand
Photographer: Angel Navarrete

Some of the $230 million at the heart of Europe’s widening money-laundering scandal was ultimately spent on Spanish real estate, according to anti-corruption prosecutors in Madrid.

Their investigation following a trail that originated in Russia broadens an inquiry that so far has concentrated on the Baltic states and Scandinavian banks including Danske Bank A/S and Swedbank AB. The Spanish probe alleges that a money-laundering ring moved about 35 million euros ($39 million) through accounts in Moldova, Ukraine and Lithuania and then via Estonia to Spain, providing new details about the final destination of some of the cash.