02 Apr 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 ($258 billion) of suspicious payments between 2007 and 2015.
Browder alleged that Swedbank accounts were used to launder $176 million between 2006 and 2012 and this was linked to money laundering and tax fraud exposed by his former lawyer Sergei Magnitsky, who died in a Russian jail in 2009.
Sweden’s largest bank, which did not respond to requests for comment on Monday, dismissed its chief executive last week under pressure from already disgruntled shareholders who were spooked by the EBM economic crime agency expanding a separate investigation into Swedbank’s conduct.
By Esha Vaish, Reuters, 1 April 2019
Read more at Reuters
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