18 Apr 2019
Bill Browder, an investor who campaigns to expose corruption, has taken a criminal complaint against Swedbank to Latvian authorities, alleging it was involved in a Russian money laundering scandal.
Swedish broadcaster SVT reported in March that Swedbank processed gross transactions worth up to 20 billion euros a year from high-risk, non-resident clients, mostly Russians, that passed through its Estonian branch between 2010 and 2016.
Swedbank is already being investigated by Swedish and Baltic authorities over possible links to a money laundering scandal centered around 230 billion euros ($260 billion) in suspicious payments that moved through Danske Bank’s Estonian branch from 2007 to 2015.
Browder, once the biggest foreign money manager in Russia, had previously taken the complaint against Swedbank to Swedish and Estonian authorities, alleging that the Swedish bank’s accounts were used to launder $176 million from 2006 to 2012.
By Esha Vaish and Gederts Gelzis, Reuters, 17 April 2019
Read more at Reuters
Advance your CPD minutes for this content, by signing up and using the CPD WalletFREE CPD Wallet