Swedish media, in a 5 day prime-time series, and the Swedish population explodes when finding out that their Swedish company operating in Europe did not respond to U.S. local law enforcement inquiries. Article from:
“The New York State Department of Financial Services has initiated an investigation into Swedbank, according to a document presented to Swedish Television, SVT. The suspicions relate to misleading information in connection with the DFS demanding an answer from Swedbank about the notorious law firm Mossack Fonseca.
SVT has revealed that the Swedish banking giant Swedbank’s top management withheld information on suspect customers and transactions from US investigators.
On several occasions, in 2016 and 2018, Swedbank was urged by the financial authority DFS to disclose all contacts their customers had with the notorious law firm Mossack Fonseca, whose customers are linked to many criminal activities, including money laundering.”
… “DFS demands that Swedbank submit extensive documentation regarding business relations with Danske Bank. This involves transactions, customer information and notifications made to authorities, as well as all possible external and internal investigations that in some way may affect Danske Bank.
Swedbank has also been requested to provide equally extensive information on their business relations with three other banks that all have been involved in large-scale money laundering scandals: Ukio Bankas, ABLV and FBME.
The DFS has requested information on several persons and businesses that SVT previously have reported on. Among them Iskander Makhmudov and former Ukrainian president Viktor Yanukovych. The letter is signed by the head of the DFS, who writes:”
The New York authorities delivered the “request” to the New York local branch, and asked for a global answer.
The Swedish public is aghast that the Swedish bank operating in Europe would not have provided full criminal evidence to the U.S. legal agency.
The whole affair is related to the now-closed Mueller investigation, previously-prosecuted Manafort FBAR conviction, and the long-ago Soros/US-Aid funded Panama Papers affair.
It seems that the bank was “caught” handling Manafort-related bank transfers…….this despite the fact that Manafort was not convicted of money laundering–He got caught with FBAR violations, bank fraud, and tax cheating.
It also alleges that payments were sent by Swedbank to companies (including Manafort’s in the Caribbean. Never mind that many Swedish companies’ parent and daughter companies and ships are also registered there, and that global transactions go back and forth all the time. In these stories, the bank transfers are summarized as “money laundering” although there is no crime to launder.
So, when a U.S. legal agency “requests” information about any European transactions of anybody including any American, the Swedish media, authorities, bank officers, and public will all spank themselves if they don’t hand it over.
So much for those European constitutions and all that innocent-til-proven guilty stuff they’ve got written in there. Sweden had once held a spark of FATCA resistance, reversed itself, til it finally celebrated its FATCA surrender. Crying is now long over.
As a result of it all, Swedbank stock tanked (did Soros short Swedbank stocks too?) and depositors are jittery.