(Bloomberg) -- Sweden's Left Party and Christian Democrats called on the government to initiate a review to address money laundering at banks and make sure the financial regulator has adequate tools and capacity.
The parties want the Social Democrat-led government to start the investigation by June this year at the latest, they said in a joint statement on Tuesday.
Sweden's political parties have expressed outrage amid claims that the country's oldest bank, Swedbank AB, may have allowed suspicious transactions in excess of $100 billion at its Baltic operations in recent years. The bank is now under investigation in several jurisdictions by various authorities
Read more: Swedbank Hit by Criminal Probe in Growing Laundering Crackdown
The Left Party and the Christian Democrats said the review should focus on ensuring the financial regulator has sufficient capacity and also review whether the sanctions the watchdog can issue against banks are adequate. They also want it to look at whether bank secrecy laws need to be changed to allow sharing of information and also investigate why the FSA was slow to act on the potential money laundering at Swedbank.
To contact the reporter on this story: Niklas Magnusson in Stockholm at nmagnusson1@bloomberg.net
To contact the editors responsible for this story: Jonas Bergman at jbergman@bloomberg.net;Tasneem Hanfi Brögger at tbrogger@bloomberg.net
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