Estonian FSA drops Swedbank probe, criminal investigation continues
19 Nov 2019

Estonia’s Financial Supervision and Resolution Authority said on Monday it was dropping an investigation into Swedbank’s (SWEDa.ST) Estonia unit as the probe was now a criminal proceeding being handled by the country’s prosecutor.

“The Financial Supervision Authority launched a sanction proceeding on October 28 to investigate the signs of money laundering fraud in Swedbank’s financial supervision proceedings,” the FSA said in a statement.

“As the inspection revealed signs of a criminal offense, the Financial Supervision Authority decided to abandon sanction proceedings in favor of criminal proceedings.”

Swedbank did not immediately respond to a Reuters’ request for comment.

Late last month, Estonia’s state prosecutor’s office said it had launched a criminal investigation into Swedbank over alleged money laundering between 2011 and 2017.

The financial regulator said it would cooperate with the prosecutor in the criminal investigation.

By Tarmo Virki, Reuters, 18 November 2019

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