Estonia Ends Laundering Case Against Swedbank Over Lack of Proof

Estonia closed a money laundering investigation into the local unit of Swedbank AB, with the Baltic country’s chief prosecutor citing a lack of evidence and inability to cooperate with Russia to establish whether suspect funds had criminal origin.

The decision is the latest in a string of legal proceedings globally after claims of massive money laundering activities at the Estonian unit of Danske Bank A/S, unveiled in 2018, that also engulfed the local arms of its Swedish peers. Swedbank was fined a record 4 billion kronor ($390 million) by Swedish authorities in 2020 for failing to put a ...