PwC, KPMG Iceland offices raided over banking collapse

The offices of PricewaterhouseCoopers and KPMG in Reykjavik have been raided by Icelandic police as part of an investigation into potential criminal activity at three collapsed national banks.

Documents and computer data relating Kaupthing, Glitnir and Landsbanki were seized at the Big Four offices, which had the banks as clients. A total of 22 policemen and six foreign accountants took part in the raids.

The investigations relate to “violation of laws on accounting and annual reports, violation of laws on financial institutions and securities transactions and violations of laws on public limited companies" according to the Telegraph.

The SFO said last month that it would be sending a team of investigators to help Iceland uncover whether there was any criminal activity in relation to the collapse of the three banks.