Banks, Crime, EU – Baltic States, EU – CIS, Financial Services, Legislation

According to Browder, the money that flowed into Nordea came from fictitious companies with accounts at the Estonian operation of Danske Bank and at Ukio Bank, in Lithuania, set up to launder money and evade taxes from 2007 into 2013.

The figure, which is more than double an earlier estimate provided by Browder, is listed in a criminal complaint sent to Finnish authorities on Monday and follows similar filings to other Nordic prosecutors earlier this month. Finland’s National Bureau of Investigation has confirmed receipt of Browder's complaint.

Nordea is the second major bank in the region to be accused of abetting money laundering. Danske Bank is currently under investigation in several jurisdictions including the U.S. for letting about 230 bln dollars flow through a tiny Estonian unit, with much of that amount now thought to be suspicious in origin, Bloomberg said.

Browder said he couldn't rule out that further evidence of illicit flows through Nordea may yet emerge. “The final number is unknown,” the Hermitage Capital co-founder and chief executive officer said in an interview on Monday. “We continue to work through all the data we have, and we continue to get more data from different countries.”

Spokeswoman Afroditi Kellberg said Nordea is aware of Browder's complaint. The bank is working with the relevant authorities and has invested "heavily" to strengthen its defenses against money launderers, she told Bloomberg by email.