HALISTER1: Swedish FSA Says Tax Investigation of Banks to Take Months

Swedish FSA Says Tax Investigation of Banks to Take Months

(Bloomberg) -- Swedish Financial Supervisory Authority Director General Erik Thedeen says the watchdog’s investigation into Swedish banks mentioned in leaked documents from a Panama law firm will take “months” to conclude.
  • Says regulator is looking at money laundering and assessing internal control in the banks and whether guidelines from management are followed throughout the organization
  • Says fines were already given to Nordea and Handelsbanken last year for breaching money laundering rules; if FSA in current investigation discovers issues similar to those that caused last year’s fines, it can’t sanction same thing twice
  • Says tax investigation won’t delay FSA decision on Nordea’s application to merge its Nordic subsidiary banks; FSA plans to make its decision on the bank’s plan by mid-May
  • Thedeen comments to reporters in Stockholm
  • NOTE: April 13: Nordea to Give Tax Authorities Full Account of Offshore Holdings
  • NOTE: April 13: Nordea Money Laundering Link to Panama Leaks Probed by FSA
  • NOTE: April 7: Panama Leaks Draw Warning From Sweden as Tougher Laws Considered
  • NOTE: March 21: Swedish FSA to Decide on Nordea Subsidiary Merger Before Summer
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
SHBA SS (Svenska Handelsbanken AB)
NDA SS (Nordea Bank AB)
SEBA SS (Skandinaviska Enskilda Banken AB)
SWEDA SS (Swedbank AB)

People
Erik Thedeen (Swedish Financial Supervisory Authority)

To de-activate this alert, click here

UUID: 7947283