Nordic trust tarnished by money laundering scandal
04 Apr 2019

Money laundering allegations involving Sweden and Denmark have shattered faith in the open Nordic business culture, prompting demands for tighter controls on the banks held responsible.

Ranked among the least corrupt countries by anti-graft campaign group Transparency International, Sweden and Denmark have been rocked by investigations into Danske Bank and Swedbank, knocking billions off their value.

Politicians, regulators and investors now want closer policing and more stringent penalties, unwinding a system where the state largely trusted banks to keep themselves in check.

“Openness is key in our society. This is a system built on trust and that trust has decreased quite substantially,” Swedish financial markets minister Per Bolund told Reuters.

By Johan Ahlander, Esha Vaish and John O’Donnell, Reuters, 3 April 2019

Read more at Reuters
Photo: Casimiro PT / Shutterstock.com

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