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Swedbank HQ raided by police over money laundering

by LLB Reporter
27th Mar 19 12:05 pm

Police raided the headquarters of Swedbank on Wednesday morning over an ongoing investigation of alleged money laundering.

State broadcaster SVT said the bank had mislead US investigators looking into transactions over the Panama Papers scandal. Shares in Swedbank fell 6.7% on Wednesday morning as a result of the police raid.

Since being linked to an investigation Swedbank has lost almost 25% of their value as the bank has been linked to an investigation over an alleged $227bn of laundered money to Danske Bank.

The Economic Crime Authority (ECA) said, “The ECA can confirm media reports that a raid is ongoing at the Swedbank headquarters.

“The raid is being performed by police from from authority’s financial markets chambers instructed by chief prosecutor Thomas Langrot as part of the ongoing investigation into Swedbank.”

Regulators across Europe have started investigating Swedbank as it has been alleged so clients transferred $4.3bn between Baltic accounts at Danske Bank and Swedbank from 2007 until 2015.

Swedbank told Reuters that it “cooperates fully and communicates clearly, correctly and with the best intentions with all relevant authorities.

“Current legislation does not allow Swedbank to comment on the existence or contents of any confidential potential communication with the New York State Department of Financial Services.”

Danske Bank’s Estonian branch who is at the centre of investigations has been ordered to close by the end of this year.

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