Featured Sweden

Council of Europe Urges Swift Action on Money Laundering, Citing Baltics and UK

European lawmakers are urging financial institutions and governments to address dozens of legal and supervisory shortcomings they say contributed to the proliferation of massive money laundering schemes in recent years. In a resolution adopted Thursday, the Council of Europe’s Parliamentary Assembly said that recent money laundering schemes linked to… Read More

ECB looking into Swedbank’s Estonian operations – Swedish newspaper

The European Central Bank (ECB) is looking into Swedbank’s Estonian operations, Swedish daily Dagens Nyheter reported on Wednesday, citing an undisclosed source. The ECB wants to know how well Swedbank’s Estonian subsidiary kept itself informed about its customers, the paper said, citing the source. The newspaper also reported, citing the… Read More

Spooked by money laundering scandal, SEB cuts Swedbank stake

Swedish bank SEB’s fund management arm has cut its stake in rival Swedbank by just over half, citing risks Sweden’s biggest mortgage lender faces due to its alleged involvement in a fast-growing Baltic money laundering scandal. Swedbank has come under heavy criticism from politicians, investors and the general public over… Read More
8th April 2019
Swedbank Chairman Lars Idermark has quit only a week after the lender’s chief executive was ousted over her handling of a money laundering scandal, saying the controversy threatened to distract from his role as head of forestry group Sodra. The bank, Sweden’s biggest mortgage lender, had fired its CEO Birgitte… Read More
4th April 2019
Money laundering allegations involving Sweden and Denmark have shattered faith in the open Nordic business culture, prompting demands for tighter controls on the banks held responsible. Ranked among the least corrupt countries by anti-graft campaign group Transparency International, Sweden and Denmark have been rocked by investigations into Danske Bank and… Read More
2nd April 2019
Sweden’s Economic Crime Authority said it will not investigate Swedbank over a criminal complaint alleging money laundering brought by campaigning investor Bill Browder. Swedbank is embroiled in a fast-growing money laundering scandal involving Danske Bank, which revealed last year that its Estonian branch was used to move 230 billion euros… Read More
29th March 2019
Swedbank president and CEO Birgitte Bonnesen has been dismissed from her role, a day after authorities raided the bank’s headquarters over a money laundering probe in the Baltics. The investigation is understood to be tied to the Danske money laundering scandal, which claimed the scalp of Danske… Read More
28th March 2019
AP — Swedish authorities were raiding the headquarters of one of Sweden’s largest banks on Wednesday as part of an investigation into whether Swedbank was connected to a massive money laundering scandal in the Baltic countries. Sweden’s Economic Crime Authority said chief prosecutor Thomas Langrot is probing whether 15… Read More
28th March 2019
Swedbank may have withheld information from U.S. authorities over suspicious financial transactions, Swedish Television said on Wednesday, adding to pressure on the bank which is under investigation over money laundering allegations. State broadcaster SVT said Swedbank may have misled U.S. investigators over transactions by its customers linked to Mossack Fonseca,… Read More
27th March 2019
An internal Swedbank report identified major breaches of anti-money laundering obligations involving its business in Estonia, Swedish public broadcaster SVT said on Tuesday after having obtained a copy. Swedbank said the draft report cited by SVT had been included in a wider external investigation which it announced last week and… Read More
25th March 2019
An external report around Swedbank’s alleged link to money laundering was missing information, but the board had done enough to prevent it from not clearing the board of liability related to last year’s actions, an investor told Reuters. “The status report itself is relatively difficult to access as a lot… Read More
19th March 2019
Swedbank will publish the findings of a third-party investigation into whether it processed over $10 billion linked to a purported Russian money laundering network, the institution said Monday. The Stockholm-based lender hired Forensic Risk Analysis to conduct the analysis in February following a report by Swedish television company SVT alleging that the… Read More
18th March 2019
An internal Swedbank report in September detailed “suspicious” transactions totaling around $10 billion between customers of Swedbank and Danske Bank in the Baltics from 2007 to 2015, Swedish state television SVT reported. Swedbank said on Friday the figure reported by SVT was the gross amount of transactions with Denmark’s Danske… Read More