Scandinavia has long had a reputation as one of the most progressive regions in the world, known for generous parental leaves, bicycle superhighways and Abba.
Read more: Why Scandinavian Banks’ Clean Reputations Are Threatened by Dirty Money - The New York Times
So
it has been a shock to see Scandinavian banks mired in a growing money
laundering scandal, accused of helping Russian oligarchs, corrupt
politicians and organized crime lords send hundreds of billions of
ill-gotten dollars to offshore tax havens.
Danske
Bank, the largest bank in Denmark, was caught first for suspicious
activities at its subsidiary in Estonia and, in the past couple weeks,
the scandal has spread to Swedbank and its subsidiaries in the Baltics.
Swedbank’s chairman, Lars Idermark, resigned Friday,
saying that the media storm surrounding the money laundering
allegations was a distraction from his day job as chief executive of a
forest products company.
Mr.
Idermark’s exit came less than a week after the bank fired its chief
executive, Birgitte Bonnesen, who had previously supervised Swedbank’s
operations in the Baltic countries.
Read more: Why Scandinavian Banks’ Clean Reputations Are Threatened by Dirty Money - The New York Times
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