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Monday 17.02.2020 | Name days: Konstance, Donats

Swedish authorities look into Swedbank complaint by anti-money laundering activist

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Chief Executive Officer and co-founder of the investment fund Hermitage Capital Management Bill Browder

Swedish law enforcement has been asked to investigate suspicion filed by British anti-corruption investor Bill Browder over alleged transactions to Swedbank from Danske Bank’s Estonian branch and Lithuanian UKIO Bank.

Reuters news agency reports that Browder’s complaint alleges that about USD 176 million (EUR 157) from Danske Bank’s Estonian branch and Lithuania’s UKIO Bank had been wired to Swedbank accounts.

The complaint expresses allegations that this links the Swedish bank to money laundering relating to a tax fraud exposed by Browder’s former lawyer Sergei Magnitsky, who died in a Russian prison in 2009.

Browder filed the complaint against Swedbank with authorities including Swedish prosecutors and police, the finance ministry and the economic crime authority.

«The next step will be to appoint a prosecutor who will look at this complaint and see if a preliminary investigation should be initiated or not,» a Swedish Economic Crime Authority spokesman said.

Reuters cited the spokesman of Swedbank, which is already the subject of a joint probe by Swedish and Estonian financial watchdogs, as saying that it had not yet seen Browder’s complaint.

«In cases where authorities start investigations, we cooperate fully with them and view it positively that these issues are being looked into,» the bank commented.


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