Sweden needs to strengthen system to fight money laundering: FSA chief

STOCKHOLM (Reuters) - Sweden’s financial watchdog said on Thursday that it had not been too lenient in dealing with Swedish banks over money laundering though the system to deal with the issue needed to be strengthened in the Nordic country.

“We have not been too kind,” Swedish Financial Supervisory Authority Director General Erik Thedeen told journalists on the sidelines of a hearing on money laundering in parliament.

“The Financial Supervisory Authority has a lot of power, and that power needs to handled sensibly, and that is what we are doing.”

“But we can do more and we will do more, and I think that the full Swedish system must be strengthened.”

Reporting by Johan Ahlander and Johannes Hellstrom; writing by Niklas Pollard