Swedish financial institution suspected of cash laundering in Estonia
TALLINN, Estonia — Swedish lender Swedbank stated Thursday it has been knowledgeable by Estonian authorities that its native subsidiary is suspected of cash laundering within the Baltic nation from 2014-2016.
The Stockholm-based financial institution stated in an announcement that “the prison investigation originates from the work of the Estonian Monetary Supervisory Authority” that investigated operations of the financial institution’s Estonian subsidiary, Swedbank AS, in 2019.
Swedbank is closely uncovered to the Baltic markets via subsidiaries in Estonia, Latvia and Lithuania.
In March 2020, the Estonian monetary watchdog issued a report of its findings concerning shortcomings within the anti-money laundering work of Swedbank AS. The unit has now been knowledgeable of the cash laundering suspicion by Estonian authorities, Swedbank stated.
“Swedbank AS will assessment and analyze the suspicion intimately and proceed the cooperation with the authority to resolve the historic matter,” Swedbank stated, including that the utmost nice for the suspected crime is 16 million euros ($18 million).
Swedbank serves tens of hundreds of personal and company clients in Estonia, Latvia and Lithuania via dozens of branches, and ranks among the many high three banks in every nation.
Prior to now years, the Baltic nations have been uncovered to a number of monetary scandals, significantly in Estonia and Latvia. It has been confirmed there that shoppers from Russia and former Soviet states misused the native banking sectors for suspicious transactions and cash laundering.
The most important banking scandal within the area surfaced in 2017-2018, when it turned identified that round €200 billion ($220 billion) of suspicious cash transactions had flowed from Estonian, Russian, Latvian and different sources via the Estonian department of Denmark’s Danske Financial institution from 2007 to 2015.
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