Biggest Nordic bank accused of money laundering

October 17, 2018 - 8:09 am

HELSINKI (AP) — Kremlin critic Bill Browder has asked Nordic authorities to investigate whether up to $175 million of potentially illicit funds have flowed through the region's largest bank, Nordea.

Browder, the CEO of investment fund Hermitage Capital Management, said Wednesday that he filed a "money laundering complaint" against Nordea in Denmark, Norway and Sweden in connection with the case of his former accountant, Sergei Magnitsky.

Magnitsky died in a Russian prison in 2009 after uncovering an alleged $230 million tax fraud by Russian officials.

Browder told CNBC that new information had surfaced in French and Lithuanian money laundering investigations suggesting that "suspicious transactions" related to the Magnitsky case were funneled through Nordea.

Nordea told Swedish media it was aware of Browder's accusations and was working "in close co-operation with relevant authorities."

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