Former Swedbank chief executive Birgitte Bonnesen has been charged with fraud, stemming from statements she made in 2018 and 2019 about the bank’s anti-money-laundering controls. Following media reports that dirty money had been flowing through Swedbank’s Estonian operations, Bonnesen attempted to play down the concerns, saying that the bank had the situation under control. In reality, subsequent investigations showed that the bank had allowed money to flow from countries including Russia into Europe via Estonia without adequate checks.
Sweden’s Economic Crime Authority said in a statement accompanying its decision to prosecute Bonnesen that comments she made broke Swedish law. “The former CEO of the bank intentionally or through gross negligence … disseminated misleading information about the bank’s measures to prevent, detect, and report suspicions of money laundering in Swedbank’s operations in Estonia,” lead prosecutor Thomas Langrot said.
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