Swedish TV says Swedbank may have misled inquiry into dirty cash

Business | 27 Mar 2019 4:42 pm

Swedish lender Swedbank, under pressure over allegations its Estonia operations may have been used to launder money, may have withheld information from U.S. authorities over suspicious financial transactions, Swedish Television said today.

In an emailed comment to Reuters, Swedbank said 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.”

SVT said Swedbank may have misled U.S. investigators who contacted the bank over transactions by its customers linked to law firm Mossack Fonseca, a Panamanian law firm at the center of a tax avoidance and money laundering scandal that has drawn in companies and individuals from around the world.

Citing confidential documents the broadcaster had obtained, SVT said that Swedbank had told the New York State Department of Financial Services that there were only customers in the bank from Sweden and Norway with ties to Mossack Fonseca.

That was despite the fact that a number of companies with ties to Mossack Fonseca had done business through Swedbank in the Baltics, SVT said.





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