Featured Sweden

As big banks flee UK a small Swedish challenger sits tight

Svenska Handelsbanken AB, Sweden’s biggest bank, is plotting an expansion in the U.K., which it says is a promising market despite the risks posed by Brexit. Mikael Sorensen, chief executive officer of Handelsbanken’s U.K. operations, says the lender has “done whatever we can to prepare.” The bank will probably be… Read More

Germany says it expects EU to impose sanctions against Russia over Navalny case

Germany expects the European Union to impose new sanctions against Russia over the poisoning of opposition leader Alexei Navalny with an internationally banned nerve agent, Foreign Minister Heiko Maas said on Saturday. Navalny emerged from a coma in early September after suddenly falling ill during a flight in Siberia on… Read More

Swedbank under investigation by Swedish regulator in new probe

Swedbank AB said Friday that Sweden’s financial supervisory authority is investigating the bank for suspected breaches of market-abuse regulations. In a statement, the bank said the investigation covers the period between Sep. 20, 2018, through Feb. 20, 2019, and relates to the disclosure of insider information and the obligation… Read More
17th September 2020
By Ola Westerberg, Joachim Dyfvermark and Sven Bergman, OCCRP, 16 September 2020 OCCRP – The tall Swede was insistent as he spoke to journalists and analysts in his characteristically deep, rumbling voice: “I have said it before and I will repeat it: TeliaSonera did not bribe anyone.” Lars Nyberg,… Read More
25th August 2020
By Martin Young, Kelly Bloss, Šarūnas Černiauskas, Jason Papakheli, Aparna Surendra, Eric Barrett, and Roshanak Taghavi (OCCRP) and Joachim Dyfvermark and Linda Larsson Kakuli (SVT) OCCRP –By all outward appearances, Hatam Khatoun Nema was a small-time money changer working from a nondescript office in Järfälla, a workaday Stockholm suburb. Read More
27th July 2020
A few years ago, the biggest banks in one of the richest corners of the globe were adding thousands of jobs to a department that suddenly seemed more important than most others: compliance. But with headcount growing more than 10-fold in some cases, those same jobs are now at risk. Read More
30th June 2020
Estonian banks need to develop and improve their Anti-Money Laundering (AML) processes, including by having smarter know-your-client systems, the Bank of Estonia says, following a €1 million the Financial Supervisory Authority (FSA) imposed on the Scandinavian-owned SEB Pank on Thursday. This would be made easier by legislative changes and more… Read More
29th June 2020
Sweden’s financial supervisory authority fined Skandinaviska Enskilda Banken AB 1 billion Swedish kronor ($107.3 million) following a delayed review of the bank’s efforts to prevent money laundering at Baltic branches. The regulator, known as the Finansinspektionen, was investigating the bank’s anti-money-laundering governance and controls in Estonia, Latvia and Lithuania. Read More
3rd June 2020
US authorities said on Monday that they had extradited a former Chinese official from Sweden to Los Angeles to face charges of money laundering and immigration fraud. The US Department of Justice (DOJ) said it took Qiao Jianjun into custody on Friday for, among other charges, allegedly conspiring to commit… Read More
28th May 2020
The bank at the center of Sweden’s biggest money-laundering scandal says illegal transactions are probably still flowing through the financial system, because existing tools to stop them aren’t good enough. Swedbank AB, which was fined over $400 million in March for failing to halt suspicious flows, has now… Read More
15th May 2020
Several former employees of Swedbank AB were charged by authorities in Latvia with money laundering after its branch there reported suspicious transactions involving large sums of cash as recently as 2017. Latvian prosecutors filed allegations against 11 people, including ex-employees of Swedbank’s local unit, earlier this year, Laura Majevska,… Read More
14th May 2020
Venezuela’s opposition-held congress plans to voice concern to the U.S. government over its removal of sanctions on Swedish refiner Nynas AB after Venezuela’s state-run oil company, Petroleos de Venezuela, sold most of its stake in the firm, three people with knowledge of the matter said. Nynas said on Tuesday that… Read More
30th April 2020
At times it can seem as if Swedbank’s recent history has been taken from the plot of a Nordic noir novel. There is a procedural bleakness to the Swedish bank’s money laundering scandal and a complexity to it all that does little to resolve the moral ambiguities of institutional malfeasance. Read More