STOCKHOLM (Reuters) - Sweden may need tougher legislation in order to strengthen anti-money laundering processes in the financial system, Prime Minister Stefan Lofven said on Wednesday.
“If we need to strengthen legislation in order to make sure it does not happen in the future, we are prepared to do that,” Lofven told reporters at a joint press briefing with Danish Prime Minister Lars Lokke Rasmussen.
“This is absolutely unacceptable. It destroys confidence in the financial system which is important for society and it risks destroying the reputation of our countries.”
Swedish authorities searched the head office of Swedbank on Wednesday as part of an investigation into the bank’s handling of money laundering allegations at its Baltic branches.
Danske Bank has said its Estonian branch was used to funnel some 200 billion euros ($227 billion) of suspicious payments between 2007 and 2015.
Reporting by Simon Johnson; Editing by Hugh Lawson