Swedbank lambasted by Swedish Minister

epa03918062 The logo of Swedbank is seen outside the shopping mall Foorum on 18 October 2013 in Tallinn, Estonia. EPA/MIKKO PIHAVAARA

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Per Bolund, Sweden’s financial market minister, criticised Swedbank after the bank released a short and highly redacted report into a money laundering scandal.

See full report here

Bolund’s comments to Swedish broadcaster SVT came after Swedbank released a report into earlier allegations made by  SVT about the money laundering scandal it is implicated in.

Bolund said Swedbank has been too confident in its denials that money laundering was a serious problem at the bank  insisting that the report does not answer all the questions there are. The report claims to have investigated 50 names provided by SVT but is being considered as a very abridged and largely unintelligible.

It refers to accounts being closed by 10 July 2018, but does not identify who the accounts belonged to.

Swedish pension fund AMF, a major shareholder in Swedbank, said the report was a first step in the right direction although it remarked that it had expected more, and it believes more is still needed to build confidence in the bank.

The bank  is the subject of a joint probe by Swedish and Estonian financial watchdogs after an SVT report in February revealed that is involved in at least 40 billion Swedish crowns of suspicious transactions through Denmark’s largest bank.

Via City AM

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