The lawyer Peter Utterstrom is familiar with US corruption legislation and has followed the Swedbank case. The fine can be very large, he says.
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Breaking the law
– But Swedbank has managed to break both the American corruption legislation, the money laundering legislation and the sanctions legislation. It’s a toxic combination in the US.
It reported Swedish daily newspaper.
Foul games and rascals can cost 30 billion
The American investigation has been going on for five years. Cover-up and rule-breaking can cost Swedbank more than 10, perhaps as much as 30 billion kroner in fines for its foul play and its rascals, the newspaper writes.
In February 2019, SVT’s Uppdrag Granskning revealed that Russian accounts were able to launder money via Estonia with the help of Swedbank’s bank office in the country.
The police raid on the big bank
Soon after, the bank fired its CEO Birgitte Bonnesen, after Swedish police made dawn raids on Swedbank’s offices, reports The Wall Street Journal.
The bank was sentenced by the Financial Supervisory Authority to one of the highest penalty fees ever: SEK 4 billion.
“Fraud”
Bonnesen himself was charged with gross fraud and gross market manipulation.
She was acquitted last year on all counts in Swedish courts, which is being appealed by the prosecutor, who was not at all satisfied. It reported Financial life then.
Could be 30 billion
The lawyer Peter Utterström is convinced that Swedbank will be fined large amounts in the US, but cannot say an exact amount.
– Whether it leads to 10, 20 or 30 billion in fines is impossible to say, he says to Svenska Dagbladet.
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