Featured Finland

It May Be the Biggest Tax Heist Ever. And Europe Wants Justice.

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

Russian Billionaire Loses Lawsuit Against Nordic Banks

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

A Russian Billionaire Is Threatening Nordic Banks’ Dollar Access

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
6th September 2019
Ever since the 2008 financial crisis, US financial misconduct fines have led the world.  However, defenders of Europe’s more collegiate approach to tackling banks’ money-laundering shortcomings say US banks also lead the world for de-risking, shunning some of the globe’s poorest countries from access to the dollar system. … Read More
8th July 2019
The Nordic region’s six major banks announced the creation of a customer checking center on Friday, with the initiative expected to help their efforts to crack down on money launderers and recover from a scandal that has damaged the sector’s reputation. The news confirms a Reuters report about the venture,… Read More
18th June 2019
The Danish headquarters of Nordea was searched last week by Denmark’s state prosecutor in relation to a money-laundering investigation into the bank, a Nordea spokesman told Reuters. The Danish prosecutor has been investigating the Nordic region’s biggest lender in relation to money laundering risks since June 2016. Nordea took a… Read More
18th June 2019
The market for anti-money laundering (AML) compliance jobs may be on the rise in Nordic countries, but don’t count on that trend continuing. Advances in technology could render many compliance roles at Nordea Bank and Danske Bank obsolete, Bloomberg reported Monday. While Helsinki-based Nordea Bank relies on hundreds of employees to help… Read More