Title: Danial Barr at Anti-Money Laundering Days 2024: Deepening Collaboration to Combat Money Laundering in Sweden

Danial Barr’s Address at the Annual AMLD Conference

Finansinspektionen’s Director General, Danial Barr, discussed money laundering in Sweden during a panel discussion at the Annual Anti-Money Laundering Days conference. Some key points from his speech are as follows:

• Impact of criminal economy on organized crime and society
• Importance of collaboration between authorities and firms
• Prioritized sectors and enforcement actions

Impact of Criminal Economy

Barr emphasized the significance of the criminal economy’s impact on organized crime and society’s challenges. He highlighted the need for heightened efforts from both firms and authorities to counteract money laundering.

Collaboration between Authorities and Firms

Barr underlined the importance of deepening collaboration between authorities and firms, particularly for cash-intensive businesses managing cross-border risks. He highlighted Finansinspektionen’s (FI) focus on sectors particularly vulnerable to money laundering.

Enforcement Actions

FI has taken various actions against entities neglecting their anti-money laundering responsibilities:

1. My Change Scandinavia AB: A currency exchange company ordered to cease operations due to extensive deficiencies.
2. Moneygram International SPRL: An injunction issued for inadequate risk assessments.
3. Danske Bank: Injunction to improve risk assessments of its Swedish products and services.

Focus on Crypto-assets

FI’s former Director General, Erik Thedéen, addressed the topic of crypto-assets, suggesting a focus on energy efficiency. FI’s role includes:

• Thorough credit assessments for consumer credit
• Ensuring smaller banks and payment service firms take preventive measures
• Analysing COVID-19-related risks

Past Actions by Finansinspektionen

FI has held press conferences regarding:

• Swedbank’s and SEB’s money laundering concerns
• EU-level supervision for more effective AML supervision

Serious Deficiencies in Swedish Banks

Barr highlighted the serious nature of the recent money laundering disclosures in Swedish banks, emphasizing the importance of management teams and boards taking these matters seriously to avoid future scandals.

SEB Investigation and Press Conference

FI opened a sanction case in the SEB investigation and held a joint press conference with the Estonian Financial Supervisory Authority. Both authorities urged the banks to ensure compliance with laws and regulations.

Swedbank Fine and Joint Press Conference

Swedbank was fined for serious deficiencies in its measures to combat money laundering in its Baltic operations. FI held a joint press conference with the Estonian Financial Supervisory Authority to address the suspected money laundering issues.