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Widening Russia Money Laundering Scandal Hits Europe Bank Shares

Widening Russia Money Laundering Scandal Hits Europe Bank Shares
Image by Сергей Алексеев
Рига (Латвия) Старый город Grecinieku iela Baltic bank

A money-laundering scandal involving Western financial institutions and the former Soviet Union widened, sending shares of banks lower across the continent.

Raiffeisen Bank International AG led declines, dropping as much as 11 percent after Bill Browder’s Hermitage Fund filed a report to Austrian prosecutors saying the bank helped launder funds that originated in Russian criminal activity. Dutch banks fell after a report that the three largest were used by a group labeled the Troika Laundromat to move cash from Russia.

To read more visit Bloomberg.

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