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Here is what we know about money laundering at Swedbank



What are the claims?

About 40 billion. Kr. (DKK 4.3 billion) has been transferred through Swedbank by customers who may be involved in money laundering, according to Swedish television broadcasting company SVT.

Broadcaster claimed that 50 customers exhibited "clear warning signals" of money laundering transferred about $ 40 billion. DKK between Swedbank and Danske Bank, which themselves were involved in a major scandal.

The transactions took place between 2007 and 2015 in the Baltic countries and include companies without contact information or telephone numbers, many sharing the same UK address. And there are thousands more customers at the bank who have accounts in Estonia, Latvia and Lithuania, but are registered abroad, including in tax havens such as the British Virgin Islands and Belize.

SVT's original study is available to read here. [1

9659003] How do we know this is money laundering?

We do not yet. Whether the suspicious transactions can be considered money laundering depends on whether the money originates from criminal activity. Some of the transactions showed money moved from Danske Bank to Swedbank accounts from nine companies in connection with tax fraud in Russia, SVT reported.

Among the customers involved in the transactions, SVT called former Ukrainian President Viktor Yanukovych, who was convicted of treason earlier this year, and Russian businessman Iskander Makhmudov. Both received DKK million through Swedbank transactions.

What was the Danske Bank scandal?

Preliminary fees were raised against Danske Bank in the winter of 200 billion euros, most of which apparently came from uncertain sources were channeled through Danske's Estonian branch between 2007 and 2015.

The bank could face major fines of the suspected money laundering, which is being investigated by the authorities in France, Denmark and the United States.

Billions of dollars may have been laundered through large Swedish banks "src =" https://www.thelocal.se/userdata/images/article/c7c6a9560030e99a0be52954678f0dbeef8f5f812490ac2bff137509d07b9a04.jpg "title =" Billions of dollars may have been laundered through large Swedish banks "/> [19659013] Swedbank headquarters, north of Stockholm Photo: Janerik Henriksson / TT

How did Swedbank answer?

When the claims first discovered, Swedba became did not respond initially, but said the bank was working to combat money laundering.

"We are convinced of the systems and processes we have for the prevention and prevention of money laundering," said the Bank's Communications Manager TT. SVT report. "When we see signs, we act."

He would not comment on how many cases of suspected money laundering that Swedbank had notified to the police in those years but said the bank "does not recognize" the list of customers or amounts referred to by SVT.

Swedbank CEO Birgitte Bonnesen had previously said that the bank was not open to the same kind of money laundering as Danske Bank because of its "totally different approach", including focus on domestic and foreign customers. 19659003] Who examines Swedbank?

Since the claims, several probes and studies have been launched in Swedbank.

21st February: The Swedish Financial Supervisory Authority (FI) launched a survey of the lender together with the corresponding authority in Estonia, as many of the suspicious transactions took place in the Baltic countries. The authority described the accusations as "very serious".

Swedbank announced that its CEO Birgitte Bonnesen had requested an external investigation of the allegations.

27th February: The Swedish Economic Crime Authority (EBM) announced that it would open a preliminary investigation of Swedbank regarding unauthorized disclosure of inside information.

7th March: US finance minister and flute fan Bill Browder reported Swedbank to the Swedish police for suspicion of money laundering.

22nd March: Swedbank announced the results of an external consulting firm's survey, and the Board confirmed its continued confidence in its CEO, who decided to set up a dedicated entity within the Bank to deal with financial crime.

27th March: New York Department of Financial Services (DFS) announced a bank investigation to provide misleading information to a Panama law firm that was central to Panama

 Watchdog launches probe in Swedbank after money laundering
Swedbank's former CEO, Birgitte Bonnesen, pictured, lost his job on Thursday over the allegations. Photo: Tomas Oneborg / SvD / TT

What did the police raid mean?

A police attack took place at Swedbank's Stockholm office on March 28, confirmed by the Swedish Economic Crime Authority (EBM).

Later in the day, the authority said it was expanding its investigation to include suspected fraud and violation of inside information rules, and that it looked at a wider time period.

How have the politicians reacted?

After the first allegations, Finance Minister Magdalena Andersson said she did not want to comment specifically on the Swedbank case, but said it was "important that confidence in our banks" said that there were ongoing discussions at EU level on the possible tightening of anti-money laundering legislation.

Prime Minister Stefan Löfven later told the TT news agency that his government will take a hard look at the country's financial sector in the wake of allegations. He said if money laundering allegations were shown, it would "undermine confidence in the whole system".

What will the consequences be for Swedbank?

Swedbank CEO Birgitte Bonnesen was fired at a general meeting between the bank and its shareholders in Thursday.

Shares in the lender have fallen by about 30 percent in the month since claims were first made, and also on Thursday, Stockholm's stock market announced a stop on all trading with Swedbank.


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