Financial Crime World

Trends in Financial Crime in Sweden: Banks and Police Unite to Combat Organized Crime

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The Swedish police authority has joined forces with five major banks - Danske Bank, Handelsbanken, Nordea, SEB, and Swedbank - to launch a new initiative aimed at combating financial crime. The Swedish Anti Money Laundering Initiative (SAMLIT) will enable the sharing of information on suspicious transaction patterns, methods, and new types of crime between banks and law enforcement agencies.

A New Era in Financial Crime Fighting

The pilot project, set to begin this year, aims to be fully launched in 2021. According to Martin Johansson, senior advisor at SEB and leader of SAMLIT, the initiative will enhance society’s ability to fight organized crime by providing better insights into financial flows and patterns.

The Need for Collaboration

The collaboration comes as a response to the ever-evolving nature of financial crimes, which are constantly changing form and pattern. “Like a chameleon, this type of crime is always adapting,” said Johanna Norberg, country manager at Danske Bank Sweden. “This initiative means increased efficiency and proactivity for us.”

How SAMLIT Works

Under the Money Laundering Act, the police authority can request information from banks on a bilateral basis. However, SAMLIT will enable the Financial Police and participating banks to share information collectively, leveraging each other’s strengths in combating financial crimes.

  • The intelligence service knows the picture of organized crime and those making money from criminal activity.
  • Banks see financial flows and patterns.
  • By working together, we can combat money laundering and the financing of terrorism.

A Global Effort

SAMLIT is not an isolated effort; Danske Bank has been actively engaged in cooperation with supervisory authorities and other banks across the Nordics and Europe. The bank has developed a platform for handling and administering KYC data with the five largest banks in the Nordics, and participates in a European AML taskforce to develop recommendations for an improved EU regulatory framework on anti-money laundering.

Conclusion

As financial crime continues to evolve, this initiative marks a significant step towards strengthening cooperation between law enforcement agencies and the banking sector in Sweden. The collaboration will enable the detection of crimes earlier and prevent them from being committed.