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Sweden rejects Browder's appeal to pursue complaint against Swedbank

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Sweden rejects Browder's appeal to pursue complaint against Swedbank

Swedish authorities rejected investor Bill Browder's appeal to investigate a complaint alleging that Swedbank AB (publ)'s accounts were used to launder money, Reuters reported May 15.

Browder, who campaigns against corruption, filed the original complaint in March, but it was dismissed by the Swedish Economic Crime Authority, or EBM, because the statute of limitations had expired in the case and the transfers involving Swedish accounts took place prior to 2014, when anti-money laundering laws became more stringent.

"It is correct that the EBM has decided not to change that decision," an EBM spokesman told the newswire.

Browder has also filed criminal complaints against the Swedish bank in Estonia and Latvia, alleging that its accounts were used to launder $176 million between 2006 and 2012.