Danske Bank CEO Thomas Borgen’s decision to quit after after admitting that the vast majority of €200bn (£178bn) flowing through Denmark’s biggest bank’s Estonian branch was money-laundered, was the right thing to do.

There was little alternative after the bank said an independent investigation had found “a series of major deficiencies” in its controls to prevent money laundering and that more than half of Dankse’s 15,000 customers in Estonia were suspicious.

The issue highlights the huge challenge of attempting to stop the continual flow of dirty money around the world.

Finance directors and their teams need to be on their guard against money laundering, not just in financial institutions but corporates as well.

Once tainted with money laundering, its very difficult to for an organisation to recover its reputation.

Ask Standard Chartered CFO Andy Halford, who in April told Financial Director about the lengths he has gone to in order to change culture at the global bank after it was fined hundreds of millions of dollars for money laundering and related issues.