Featured Finland

Nordea Asset Management drops JBS over deforestation, corruption, worker health

Nordea Asset Management dropped Brazilian meat giant JBS SA from all its funds this month over concerns stemming from the company’s handling of deforestation, corruption charges and employee health and safety amid the coronavirus pandemic. The Helsinki-based money manager made the decision “after a period of engagement with… Read More

U.S. gives oil refiner Nynas more time to avoid Venezuela sanctions

The U.S. Treasury Department on Friday extended its authorization for companies to do business with Sweden’s Nynas, giving the oil refiner more time to restructure its ownership to avoid American sanctions on Venezuela. The department, in a notice on its website, extended the general license authorizing certain activities involving Nynas… Read More

Danske Board Is Slammed After Hiking Its Pay Amid Staff Cuts

The Danish bankers’ union has lambasted Danske Bank A/S after its supervisory board sought to raise its own pay shortly before the lender announced hundreds of job cuts. Denmark’s biggest bank, which is dealing with a spike in compliance costs amid investigations into money laundering, said on Thursday it’s getting… Read More
18th February 2020
One of the world’s richest corners has become a magnet for a growing number of Wall Street firms. The Nordic countries — best known for their universal welfare models and domination of world happiness rankings — now have a surplus of cash after years of central bank stimulus. That’s prompting… Read More
24th January 2020
They made quite a team. One was an Oxford-educated wunderkind who handled the complicated math behind the transactions. The other was a beefy, 6-foot-2 New Zealander with an apparent fondness for Hawaiian shirts, who brought in clients and money. Martin Shields and Paul Mora met in 2004, at the London… Read More
15th January 2020
A group of Nordic banks that had been sued by a Russian oligarch aren’t required to accept his business, in what may prove to be a landmark ruling by a court in Finland. Russian billionaire Boris Rotenberg, an associate of President Vladimir Putin, lost his lawsuit against four Nordic… Read More
13th January 2020
Should banks be forced to accept a client who could be on the wrong side of the law? A court in Finland is about to decide the answer to that question, and its verdict may have far-reaching implications. Russian billionaire Boris Rotenberg is suing four Nordic banks for not doing… Read More
19th December 2019
Finnish Financial Supervisory Authority said on Wednesday it has given 980,000 euros ($1.08 million) penalty to local banking group S-Pankki Oy for failures in its past know-your-client anti-money laundering checks. “Its risk-based approach has not been comprehensive enough in order to meet the requirements of anti-money laundering law and it… Read More
29th November 2019
The International Monetary Fund will examine efforts by Nordic banks and regulators to stop money laundering in the region and the Baltic countries, Sweden’s central bank said on Thursday, following a string of alleged lapses. Nordic banks have been hit by a steady stream of allegations over failures to combat… Read More
12th November 2019
With flames leaping from the stage, ear-splitting music pumping from loudspeakers and a screaming crowd, the sell-out event at London’s Wembley Arena seemed more like a rock concert than a financial sales conference. But as Alicia Key’s Girl On Fire began to fade, an electrified silence swept across the auditorium… Read More
10th October 2019
The International Monetary Fund (IMF) is asked to conduct an independent evaluation of money laundering prevention in the Nordic and Baltic region, a member of the Bank of Lithuania’s board said Wednesday. “A regional monetary prevention evaluation will be performed,” Marius Jurgilas told members of the Seimas Committee on Budget… Read More
10th October 2019
A court in Helsinki has dismissed all charges in the largest money laundering case ever tried by a Finnish court, in which two Estonian nationals were suspected of laundering €135 million in total. Finland’s public broadcaster Yle reported that the district court’s decision is not final and can be appealed. Read More
9th October 2019
A court in Finland is set to pass judgment today in the largest money laundering case ever tried by a Finnish court, in which two Estonian nationals are accused of laundering €135 million in total. According to prosecutors, the Estonians laundered approximately €135 million of illicitly obtained Russian money into… Read More