Europe’s money laundering scandal in seven points
It began in the Baltics and has engulfed several Nordic lenders, notably Denmark's Danske and Sweden's Swedbank
Brussels — The largest money laundering scandal in Europe to date is rippling through the region's banks. It began in the Baltics and has engulfed several Nordic lenders, notably Denmark's Danske and Sweden's Swedbank, which had large Baltic operations. Here are some facts about Europe's problems. How did the current scandal emerge? The Baltics' proximity to Russia has traditionally made them vulnerable to illegal financial flows from their neighbour. US investigators raised concerns about some of the region's banks early in 2018, prompting domestic and European watchdogs to investigate. Which banks have been affected so far? The first to be hit was Latvia's ABLV, which was liquidated in 2018 after US accusations of money laundering activities. The scandal spread to the Estonian branch of Danske Bank , Denmark's largest lender, which is now facing probes in several countries for handling €200bn in suspicious transactions of Russian money between 2007 and 2015. Sweden's Swedbank has ...
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