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The Swedbank invaded as the money laundering probe gained in importance



The Swedish Public Prosecutor's Office has conducted Swedbank as a money-laundering investigation against the largest lender in the Baltic States.

The Swedish Economic Crime Authority said Wednesday it had a raid on an investigation into the Swedbank's pact that began to regulate insider information by announcing to major shareholders in February that a television program was airing money laundering allegations against the bank should.

Swedbank shares fell under pressure after a series of revelations about possible money laundering 7.7 percent on Wednesday after news of the raid.

The Procuratorate told the Financial Times that it hopes to provide more information, including whether the investigation could be extended later on the day the raid was closed.

Swedbank confirmed that a raid had been conducted in connection with an insider information investigation. "At that point, no individual or legal entity was suspected of having committed a crime," he said, adding that he would work with the authorities.

The news of the police raid came when Swedbank came up with several new allegations. It also included misleading US regulators and making payments from former Ukrainian President Viktor Yanukovych to former Donald Trump manager, Paul Manafort , were found.

Swedish state broadcaster SVT said Swedbank told the New York State Department of Financial Services (DFS) in 201

6, when asked what links it had with Mossack Fonseca – the law firm at the heart of the Panama scandal – in Sweden only and Norway were identified as customers with such links and did not suspect money laundering.

But SVT claimed that leaked documents had more than 100 companies that had connections to Mossack Fonseca via Swedbank in the Baltics.

Swedbank told the Financial Times that it could not comment on the existence or content of its communication with DFS. However, he added: "Swedbank fully cooperates and communicates clearly, truthfully and in good faith with all relevant authorities."

SVT also alleged that Vega Holding, a company affiliated with Mr. Yanukovich who had an account at Swedbank, sent $ 25 million to Inlord Sales, a shell company registered as a limited liability company in the United Kingdom.

The Inlord reportedly sent $ 999,987 to Mr. Manafort in 2012. Swedbank declined to comment on the allegation, citing bank secrecy regarding the identity of its clients. Vega and Inlord were not immediately available for comment.

The latest revelations came to the SVT publishing extracts from an internal investigation at Swedbank, in which 135 billion euros of high-risk non-residents, mainly Russians, passed through the bank's bank in Estonia between 2008 and 2018.

This compares with EUR 200 billion in non-resident money that flowed through Danske Bank between 2007 and 2015. This is a scandal that has caused the Danish lender's shares to be halved over the past year.

Irrespective of this, the Danish legislators agreed to give the state supervisory authority more powers and personnel. The Danish Economy Minister said the regulator would double the number of anti-money laundering workers to 24.


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