The Nordea section in Luxembourg, between the years 2004 and 2014, founded nearly 400 offshore companies in Panama and the British Virgin Islands for its customers. The Swedish Financial Supervisory Authority (FI) pointed out that there are "serious deficiencies" in how Nordea monitors money laundering, and gave the bank two warnings. In 2015, Nordea paid the largest possible fine - over 5 million EUR. Stefan Löfven, Prime Minister of Sweden, said in 2016 that he was very critical of the conduct of Nordea and its role, and said: "They are on the list of shame too". The Swedish minister of Finance Magdalena Andersson characterized the conduct of Nordea as "a crime" and "totally unacceptable". The director for Nordea Private banking Thorben Sanders admits that before 2009 they did not screen for customers that tried to evade tax. "At the end of 2009 we decided that our bank should not be a means of tax evasion" says Thorben Sanders. Nordea CEO Casper von Koskull stated that he was disappointed with the shortcomings within Nordea's operating principles, saying that "this cannot be tolerated".