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2019-04-01 13:45

The Economic Crime Authority will not proceed with Bill Browder’s allegations against Swedbank

The Economic Crime Authority in Sweden (EBM) will not proceed with Bill Browder’s allegations against Swedbank regarding alleged money laundering during the period 2006 - 2012.

Swedbank notes that the EBM today has decided not to proceed with Bill Browder's accusations of money laundering in Swedbank. According to EBM’s decision, there has been no reason to assume that a crime involving general prosecution has been committed.

In the EBM’s decision, the authority states: 

    • The transfers made to Swedish bank accounts in Swedbank are limited and has only concerned a minor part of the total reported amount.
    • The reported transfers to Swedish bank accounts in Swedbank has taken place during the years 2006-2012 and shall therefore be assessed on the basis of the applicable penal provision during that time, and not the now applicable tightened legislation on money laundry from 2014.
    • This means that all transfers to Swedish accounts in Swedbank has taken place far back in time and therefore the reported acts are time barred by statute limitation.

“We have been informed about the EBM decision, and see that it contributes in providing answers to some of the current questions raised about the bank's business operations”, says Hans Strandberg, Attorney-at-law, Nordia. 

Swedbank has retained the law firm Nordia as external counsel. Swedbank continues to cooperate with all relevant authorities in ongoing investigations.

For further information:
Unni Jerndal, Head of Press Office Swedbank, +46 8 585 938