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Sweden Makes Progress in Anti-Money Laundering Efforts, Moves Off Enhanced Follow-Up List

Sweden’s efforts to strengthen its framework against money laundering and terrorist financing have yielded positive results. The Financial Action Task Force (FATF) has re-rated the country on 10 of the 40 Recommendations and moved it from enhanced to regular follow-up.

Progress Made Since Mutual Evaluation in 2017

According to the report, Sweden has made significant strides in addressing technical compliance deficiencies identified during the mutual evaluation. As a result, the country no longer meets the criteria for enhanced follow-up and will now be subject to regular monitoring.

Areas of Improvement

The re-ratings reflect improvements in several areas, including:

National cooperation and coordination
Financial institution secrecy laws
Measures related to Politically Exposed Persons (PEPs)
Strengthened wire transfer regulations
Reliance on third parties
Internal controls
Transparency requirements for legal persons and arrangements

Areas Requiring Improvement

While the FATF welcomes Sweden’s progress, it notes that some areas still require improvement. The country’s measures do not yet meet the requirements of certain recommendations, including those related to:

Financial intelligence units
Higher-risk countries

Compliance Status

Sweden remains partially compliant with Recommendation 7, largely compliant with Recommendation 8, and compliant with Recommendation 21. The FATF has agreed to maintain these ratings, pending further progress in these areas.

Conclusion

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Overall, Sweden’s efforts demonstrate a commitment to strengthening its anti-money laundering framework, and the country is expected to continue making progress in this area moving forward.