A money-laundering scandal costs Swedbank’s boss her job

“NORDIC NOIR” crime fiction portrays the dark underbelly of societies which appear on the surface to be staid, comfortable and law-abiding. The region’s financial systems, too, have a surprisingly seedy side. The long-held notion that Scandinavian banks are among the world’s least susceptible to financial crime has been shattered in recent months, as big banks in Denmark, Finland and Sweden have become embroiled in money-laundering scandals and seen their share prices duly hammered.

On March 28th the board of Swedbank fired its chief executive, Birgitte Bonnesen, over concerns that the Baltic branches of Sweden’s oldest lender may have handled billions of dollars of iffy money from Russia and other former Soviet states. Ms Bonnesen is the second head of a Scandinavian bank to have recently been defenestrated. In September Thomas Borgen was forced out of Danske Bank, Denmark’s largest lender, after it acknowledged that more than $200bn, much of it suspicious and originating in Russia...



via The Economist: Finance and economics Business Feeds

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