Banking secrecy in Sweden under attack as AP funds' fight against financial crime intensifies

Changes to well established principles in banking and financial regulation may be necessary, if we are to win the fight against money laundering and similar criminal acts. This was the conclusion by several participants at Swedish state pension funds' seminar on fighting financial crime.

Osssian Ekdahl, chairman of the Council on Ethics at AP Fondar in Sweden. | Photo: AP Fondar/PR

In order to strengthen efforts against money laundering and financial crime, reviewing the banking secrecy, principles of public disclosure and company reporting may prove a necessity, several participants claimed at a recent seminar arranged by the Swedish state pension funds AP Fondar and their Council on Ethics.

"AP Fondar and the Council on Ethics consider the work against financial crime a particularly important issue. With its responsibilities for the pension system, the AP funds aim to maintain financial values," says AP Fondar's Council on Ethics Chairman Ossian Ekdahl said in a statement after the seminar.

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