Swedish authorities have raided the headquarters of the Swedbank associated with money laundering. Financial regulators are investigating whether the bank has violated insider trading rules when the group recently warned major shareholders that the Swedish television channel SVT would be presenting disclosures.
Since SVT reported in February that Swedbank may be involved in the major money laundering scandal at Danske Bank, the case has taken serious forms. The management of Swedbank decided last week, in collaboration with relevant authorities, to conduct a more thorough investigation into possible money laundering practices.
Swedbank may also have misled the US authorities. SVT recently released new revelations. Based on leaked documents, the news channel reported that Swedbank was doing business with more than a hundred companies that had links with Mossack Fonseca. That company was the pivot in the Panama Papers affair. Also, former Trump campaign leader Paul Manafort and former Ukrainian president Viktor Yanukovych allegedly received money laundered via Swedbank.
The money laundering phenomenon has caused a lot of unrest in the financial world lately. ING in the Netherlands made a record settlement of 775 million euros last year because the anti-money laundering policy had been inadequate for many years. At the start of last year, Rabobank settled a case in the United States for 298 million euros. Last week it was revealed that Triodos Bank must do more against money laundering. De Nederlandsche Bank (DNB) has approached the bank about this.