Featured Norway

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

In Europe’s Dirty Money Scandals, Bill Browder Sees Wilful Blindness

Officials in the United Kingdom and bankers throughout Scandinavia turned a blind eye to the influx of illicit Russian funds linked to Europe’s biggest money laundering scandals, according to a British financier and anti-corruption activist. In a recent interview for KYC360’s AML Talk Show, Bill Browder spoke to host… 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
30th December 2019
A group of international investors managing trillions of dollars in assets has filed what it says is the first in a series of lawsuits against Danske Bank in connection with the money laundering scandal engulfing Denmark’s largest lender. The writ, which was filed on Friday in the District Court… Read More
2nd December 2019
Police in Norway will investigate the country’s biggest bank after it was reportedly used by an Icelandic fishing company to launder money. The probe will try to determine whether DNB ASA, which is based in Oslo, committed any punishable offenses, Hedvig Moe, acting chief of the Norwegian National Authority for… Read More
29th November 2019
There’s a tombstone in northeastern Moscow that bears the portrait of a man with a friendly yet somewhat uneasy smile. His name is Sergei Leonidovich Magnitsky. He was born in April 1972 in Odessa, Ukraine, and died in November 2009 in Moscow. To this day, 10 years after the fact,… 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
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
6th September 2019
The two biggest Nordic banks extended a purge at the very top of their ranks in the hope of improving revenue and restoring confidence tattered by money laundering scandals. Nordea Bank Abp named Frank Vang-Jensen chief executive officer on Thursday after activist investors had spent months hammering the lender for… Read More
22nd August 2019
Norway’s Financial Supervisory Authority (FSA) found significant shortcomings in DNB’s compliance with anti-money laundering (AML) regulations during a late-2018 inspection, the bank regulator said in a report released on Wednesday. Long regarded as not a major risk issue for Nordic banks, money laundering has become a major concern in the… Read More
22nd July 2019
Swedish cash-handling firm Loomis AB (LOOMb.ST) reported flaws in its anti-money laundering oversight on Friday and vowed to fix them. Loomis launched an investigation into its operations in May after a journalist alleged it was implicated in a Danish money laundering scandal involving foreign exchange agencies. Danish authorities… Read More
22nd July 2019
Efforts to improve anti-money-laundering controls continue to weigh on the financial results of Nordic banks, which have faced allegations in recent months of moving dirty money. The region’s largest lenders— Swedbank AB, Nordea Bank ABP and Danske Bank A/S—said this week that investments in new compliance systems and… 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