Featured Sweden

Sweden’s Loomis finds failings in money laundering oversight

Swedish cash-handling firm Loomis AB (LOOMb.ST) reported flaws in its anti-money laundering oversight on Friday and vowed to fix them. Loomis launched an investigation into its operations in May after a journalist alleged it was implicated in a Danish money laundering scandal involving foreign exchange agencies. Danish authorities… Read More

Nordic Banks Pinched by Anti-Money-Laundering Compliance Costs

Efforts to improve anti-money-laundering controls continue to weigh on the financial results of Nordic banks, which have faced allegations in recent months of moving dirty money. The region’s largest lenders— Swedbank AB, Nordea Bank ABP and Danske Bank A/S—said this week that investments in new compliance systems and… Read More

Swedbank Slashes Dividend as Baltic Dirty-Money Probes Drag On

Swedbank AB acknowledged it will no longer be able to live up to its goal of paying out one of the highest dividend ratios in the Nordic finance industry. Sweden’s oldest bank, which is dealing with the fallout of a money laundering scandal that… Read More
10th July 2019
Former French President Francois Hollande was questioned by police in France earlier this month as a witness in a Brazilian corruption investigation into a deal to buy combat jets, a source close to the politician said. Hollande’s predecessor Nicolas Sarkozy refused to be questioned as part of the same probe,… Read More
8th July 2019
The Nordic region’s six major banks announced the creation of a customer checking center on Friday, with the initiative expected to help their efforts to crack down on money launderers and recover from a scandal that has damaged the sector’s reputation. The news confirms a Reuters report about the venture,… Read More
20th June 2019
Swedbank shareholders elected Goran Persson as chairman on Wednesday, with the former Swedish Prime Minister pledging to “clean the house” after a money-laundering scandal. Sweden’s oldest retail bank has lost its chief executive, chairman and a third of its stock market value this year as its Estonian business was embroiled… Read More
19th June 2019
Swedbank has suspended with immediate effect the two most senior executives at its Estonian business, which is being investigated over alleged money laundering, but also reiterated its commitment to the Baltics. Sweden’s oldest retail bank has already parted ways with its chief executive and chairman this year after alleged links… Read More
18th June 2019
Swedbank said on Monday it had suspended the CEO and CFO of its Estonian business with immediate effect following an investigation into compliance with money-laundering rules at the bank. Sweden’s oldest bank has gone through a turbulent period since being linked to money laundering at Danske Bank, which has said… Read More
17th June 2019
Europe’s Baltic states are at risk from further Russian money laundering, a top European police official said after several big banks were hit by scandals centred on the region. Pedro Felicio, who is responsible for fighting money laundering at European police agency Europol, told Reuters that “huge inflows of criminal… Read More
12th June 2019
Finnish police have declined to investigate an allegation of money laundering at Nordea made by anti-corruption campaigner Bill Browder’s Hermitage Capital, citing lack of jurisdiction and the statute of limitations. Hermitage Capital Management Ltd requested an investigation last October into transfers of funds to corporate customer accounts at Nordea from… Read More
7th June 2019
The European Commission on Wednesday called on six EU member-states to bolster their anti-money laundering (AML) supervisory and enforcement efforts in light of recent bank scandals and the risks of crypto-assets. The requests highlight recent efforts by Denmark, Estonia, Latvia, Bulgaria, Sweden and Malta… Read More
21st May 2019
Swedbank on Monday called an extraordinary general meeting on June 19 to vote on three new board members as it tries to rebuild its scandal-hit reputation. The Swedish lender has endured a turbulent few months since it was linked to money laundering at Danske Bank, which has said that its… Read More
16th May 2019
Sweden has rejected an appeal from campaigning investor Bill Browder which had urged authorities to pursue a complaint alleging accounts at Swedbank were used to launder money, the Economic Crime Authority (EBM) said on Wednesday. Browder’s complaint was originally filed in March and was dismissed a month later as the… Read More