The Estonian and Swedish watchdogs had initiated a joint investigation on Swedbank, followed by a media report, revealing Swedbank’s link to a money-laundering involving the scandal-sickened Danske bank’s Estonian branch, both Estonian and Swedish officials told on Thursday, the 21st of February.
The news came after a couple of days, the Estonian government had ordered Danske bank to shutter down their operations in Estonia and followed by the order, the Danske bank had immediately removed their branches from Baltics, Lithuania, Latvia and Estonia alongside Russia.
Nonetheless, the Swedbank had also issued a statement following the announcement of investigation, saying that they also initiated an external review, after some of their investors had urged to examine the allegations independently.
In fact, a television report on the public broadcaster of Sweden, SVT, on Wednesday, the 20th of February, covered a report, accusing Swedbank’s involvement in money laundering occurrences with Danske bank, which could have occurred between 2007 and 2015 and the illegally transferred amount would account for an approximate figure of $4.3 billion.
In a joint statement, the financial supervisory authorities of Sweden and Estonia had said earlier on Thursday, the 21st of February, that the money laundering reports had been very serious.