Sweden Cracks Down on Banking Regulations: Firms Face Tougher Penalties for Non-Compliance with Anti-Money Laundering Laws

To strengthen its fight against money laundering and terrorist financing, Sweden has introduced two key laws that govern banking regulations compliance.

The Money Laundering and Terrorist Financing (Prevention) Act

The Anti-Money Laundering Act serves as an administrative framework for firms operating in specific sectors. Its purpose is to prevent financial institutions from being exploited by criminals for illegal activities.

• Under this law, firms are required to report any suspected money laundering or terrorist financing incidents without delay to the Financial Intelligence Unit within the Swedish Police.
• Reports must be submitted according to instructions provided by the Financial Intelligence Unit.
• Firms can contact them via email at fipo@polisen.se.

The Act on Penalties for Money Laundering Offences

The Act on Penalties for Money Laundering Offences serves as a criminal law framework that covers money laundering and terrorist financing. Under this act, laundering money is considered a serious criminal offence, punishable by law.

Oversight by Finansinspektionen

Finansinspektionen, Sweden’s financial regulator, has been tasked with overseeing financial institutions subject to the Anti-Money Laundering Act to ensure they are complying with the regulations in place. The agency will work to prevent these firms from being used for money laundering and terrorist financing activities.

Additional Information

For more information on measures against money laundering and terrorist financing, visit the Swedish government’s official website.