Of Estonia Prosecutor General’s Office determines suspect status in Estonia “Swedbank“The Estonian newspaper Postimees told the banking department and the previous board about its involvement in money laundering in the amount of more than 100 million euros, referring to the weekly Eesti Ekspress.
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Robert Kits, who was a member of the Board of Swedbank Estonia in 2011-2019. In the postimees, he told the post office that he had complied with the laws and recommendations of the council in force at that time. He confirmed that he was aware of the status determined by the State Prosecutor’s Office. “I have received the document,” he confirmed.
Swedbank Estonia did not comment on the status of the State Prosecutor’s Office. “We have nothing to comment on or confirm,” said Karina Laurima, Swedbank’s head of media relations.
The prosecutor’s office also declined to provide more detailed comments. A spokesman for the Prosecutor’s Office, Kauri Sinkevics, pointed out that the Prosecutor General’s Office, together with the Central Criminal Police, launched a criminal investigation into possible money laundering at Swedbank in 2014-2016. The gathering of evidence, the questioning of suspects and other procedural steps continue.
“It is currently not possible to publish more detailed information about the process,” he added.
It is already reported that the parent bank of Estonia “Swedbank” Sweden Swedbank said on Thursday that an Estonian Central Criminal Police investigator had informed Estonia’s Swedbank that the bank was suspected of money laundering between 2014 and 2016.
On March 15, the Bank of Sweden announced that its subsidiary in Estonia had been granted suspect status in a money laundering investigation and that the investigation would investigate whether Swedbank had committed money laundering or any other criminal activity.
Swedbank stated that it cooperates with the authorities and provides all the information at its disposal on the events covered by the investigation.
As previously reported, in July 2019, the Estonian General Prosecutor’s Office and the Central Criminal Police initiated criminal proceedings against Swedbank to investigate possible money laundering through the bank in 2011-2017. as well as possible submission of incorrect information to the financial sector regulator.
In March 2020, a report on shortcomings in Swedbank’s anti-money laundering procedures was published, the parent bank said.
In March 2021, the Swedish banking regulator fined Swedbank SEK 4 billion (EUR 360 million at the then exchange rate) for deficiencies in internal control systems and governance.
An investigation in Sweden found that Swedbank had serious shortcomings in its money laundering risk management Baltic national structures. The Bank’s awareness of the risk of money laundering and its processes, methods and control systems has been insufficient. The structures of the Baltic States also did not have adequate resources to fight money laundering.
The investigation revealed that Swedbank was aware of possible money laundering activities in the Baltic States. Despite a number of internal and external reports warning of shortcomings in the Baltic structures and the risk of money laundering, the bank has not acted appropriately.
2007-2015 In 2007, Swedbank participated in money laundering activities in the Baltic States worth approximately SEK 40 billion, or approximately EUR 4 billion, according to an investigation by the Swedish public broadcaster SVT.
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