Swedish Govt Would Consider Stricter Laws After Panama Papers
(Bloomberg) -- Swedish Financial Markets Minister Per Bolund says Sweden’s government would consider tightening laws against issues such as money laundering and tax evasion following a raft of banking scandals in the country.
- Bolund “upset” about allegations Nordea helped clients evade tax through shell companies in low-tax countries; says “it’s good that these details are out in the open and can be discussed, and that could also mean measures can be taken against the problems that have been revealed”
- FSA, Tax Agency “are investigating these allegations and that means that we can go ahead and investigate whether there have been cases where the law hasn’t been followed”
- “As a next step, we can also evaluate whether the laws we have are sufficient or whether legal changes are needed”
- While Bolund can’t currently say what kind of changes may be needed, for example regarding money laundering, he says that “if we get a message from responsible authorities that they need stronger tools to work with, that’s of course something we’d listen carefully to”
- Also says these are issues that can’t just be legislated away; sees need for discussion about methods and company culture in financial industry
- “I hope that the banks and other financial companies are prepared to consider the methods they use, as they may undermine trust in this sector”
- NOTE: Nordea, Handelsbanken were last year fined by FSA for breaching money laundering rules, while Swedbank ousted its CEO Michael Wolf in February and reported him to authorities for suspected criminal trades; Nordea was this month mentioned in leaked documents relating to Panama-based law firm Mossack Fonseca, alleging it helped clients evade tax
- NOTE: April 4: Nordea Summoned by Regulator to Answer Questions on Leaks
- NOTE: March 30: Swedbank Chairman Fails to Win Re-Election Amid CEO Scandal
- NOTE: May 19: Nordea, Handelsbanken Are Fined for Money- Laundering Breach
Alert:
HALISTER1Source: BFW (Bloomberg First Word)
Tickers SHBA SS (Svenska Handelsbanken AB)
NDA SS (Nordea Bank AB)
SWEDA SS (Swedbank AB)
SEBA SS (Skandinaviska Enskilda Banken AB)
People Per Bolund (Kingdom of Sweden)
Michael Wolf (Swedbank AB)
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