Swedbank head office searched as money laundering allegations grow

Swedish authorities searched the head office of Swedbank on Wednesday as part of an investigation into the bank’s handling of money laundering allegations at its Baltic branches.

Adding to pressure on the lender, state broadcaster SVT said separately that Swedbank may have misled U.S. investigators over transactions by its customers linked to Mossack Fonseca, a Panamanian law firm at the centre of global tax avoidance and money laundering scandal.

The money laundering allegations have sparked fears that Swedbank, the largest lender in the Baltic region, will be swept up in a scandal that has already pummeled rival Danske Bank, with the threat of lawsuits, fines and other legal sanctions.

Swedbank said in an emailed response to Reuters following the broadcast that it “cooperates fully and communicates clearly, correctly and with the best intentions with all relevant authorities”.

SOURCE: Reuters

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