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

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.

Related reading