Swedbank Chief Dismissed Amid Dirty Money Probe

Law360, London (March 28, 2019, 11:19 AM GMT) -- The chief executive of Swedbank was fired by the lender’s board on Thursday amid allegations that she has failed to prevent its branches in the Baltics from being used to launder billions in illicit Russian funds.

Birgitte Bonnesen has lost the support of shareholders and the board as a money laundering scandal that has engulfed the bank continues to gather pace. Sweden’s oldest bank is facing several regulatory investigations following media reports that the bank laundered billions of dollars through its operations in Estonia.

“The developments during the past days have created an enormous pressure for the bank,” said Lars Idermark,...

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