Danske Bank's money laundering scandal is spinning faster and faster.

DENMARK, a Nordic Kingdom not often associated with financial shenanigans, is facing a massive  scandal with banking champion Danske bank accused of helping to launder $8.3 billion through an Estonian subsidiary.

Danske Denmark's biggest bank, had been in the cross hairs of  investigators since danish daily  Berlingske  last year claimed that it had been behind the laundering of around $3.9 billion of dirty money from a string of Eastern European countries.

But after receiving bank statement from from 20 companies  with accounts in Danske Bank's Estonian branch between  2007 and 2015, the paper this week reported that the real figure was actually more than twice that.

"This gravely serious case will become much worse if the latest information is correct,''  Denmark Denmark's business minister Rasmus Jarlov said on his Twitter account.

"This casts a shadow of doubt over the entire finance sector,"Jarlov said, adding the Danish Financial Supervisory Authority is reviewing the information.

The  watchdog is in contact with its Estonian counterpart to discuss possible actions.

An audit in the spring concluded that there was no basis for raising criminal proceedings against the bank.

Ït is too soon to draw any conclusions about the extent of potential money laundering in Estonia,''  Dhanske bna's  head of  group  compliance, Anders  Meineri Jorgensen, told AFP in an email.

"That is the reason why we have not ourselves published  figures  or commented  on speculations about potential amounts," he added.

Wrong to Speculate :  The group has acknowledged that the control over the Estonian branch  has not been good enough and launched its own investigation into the matter last year.  The result are expected in September.

"Until the investigations launched have been completed in September........it would be wrong to speculate any further,"Jorgensen said.

Danske Bank's share prices has fallen by over  25-percent over the past year on the Copenhagen Stock Exchange.[Agencies]


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