Former Swedbank Chief Executive Cleared Over Money Laundering Scandal

A Swedish court on Wednesday cleared former Swedbank chief executive Birgitte Bonnesen of fraud, market manipulation and disclosing insider information in a case linked to a major money laundering scandal that saw the bank pay a record €360 million fine three years ago.

A panel of two judges at Stockholm District Court found Bonnesen not guilty of misleading shareholders and the wider public about her knowledge of suspicious transactions handled by the Swedish lender's Estonian affiliate from 2007 to 2018.

Prosecutors had alleged that Bonnesen, who led the bank from 2016 to 2019, intentionally or negligently disclosed misleading information about the anti-money laundering controls at the Estonian branch, in particular by stating in late 2018 and early 2019 that the lender did not have any significant current or historic compliance deficiencies.

The case against Bonnesen marked the first prosecution of a senior banker over a series of high-profile money laundering scandals involving Nordic and Baltic lenders that emerged between 2017 and 2019.

• Topics: Anti-Money Laundering and Countering the Finance of Terrorism, Governance and Reporting, Financial Crime Controls
• Source: Sweden
• Document Date: January 25, 2023