Prosecutor's Office launched criminal investigation into Swedbank

Swedbank ATM in Estonia.
Swedbank ATM in Estonia. Source: Priit Mürk/ERR

This July, the Office of the Prosecutor General and the Central Criminal Police launched a criminal investigation into Swedbank in order to investigate potential money laundering and the potential submission of false information to financial supervision authorities.

According to current information, Estonia may have been used as a transit country in a money laundering scheme, Office of the Prosecutor General spokesperson Kairi Küngas told ERR.

State Prosecutor Sigrid Nurm said that they are cooperating both internally and internationally in the money laundering investigation.

"Thus far, investigating authorities have worked on big data, submitted letters rogatory to other countries, and cooperated closely with the Financial Supervision Authority (FSA)," Nurm added.

No allegations have yet been made in the current stage of the investigation.

Estonia's Financial Supervision Authority (FSA) also announced on Tuesday that it launched misdemeanor proceedings against Swedbank in connection with issues uncovered earlier this year following supervisory procedures into verifying anti-money laundering (AML) compliance.

The financial watchdog noted that it is cooperating with the relevant authorities in Sweden and the other Baltic countries, indicating that financial supervision authorities are coordinating their activities as well as sharing intelligence and assessments with one another.


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Editor: Aili Vahtla

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