Swedish Authorities Crack Down on Money Laundering Schemes

Money laundering schemes have been a growing concern in Sweden in recent years, prompting authorities to take swift action to combat this illegal activity. Two key laws govern the fight against money laundering: the Money Laundering and Terrorist Financing (Prevention) Act and the Act on Penalties for Money Laundering Offences.

The Anti-Money Laundering Act

The Anti-Money Laundering Act serves as an administrative framework for firms in specific sectors, aimed at preventing them from being used for money laundering and terrorist financing. Under this law:

• Companies are required to report any suspected money laundering or terrorist financing activities without delay to the Financial Intelligence Unit within the Swedish Police.
• Reporting must be done according to instructions provided by the Financial Intelligence Unit.

Firms subject to the Anti-Money Laundering Act can reach out to the Financial Intelligence Unit via email at fipo@polisen.se for guidance on reporting suspected illegal activities.

The Act on Penalties for Money Laundering Offences

The Act on Penalties for Money Laundering Offences serves as a criminal law framework covering money laundering and terrorist financing. Under this act:

• Laundering money is considered a criminal offense.

Supervision and Compliance

Finansinspektionen, Sweden’s financial watchdog, plays a crucial role in supervising financial firms subject to the Anti-Money Laundering Act to ensure compliance with regulations aimed at preventing them from being used for money laundering purposes.

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