Sweden Cracks Down on Money Laundering: A Two-Pronged Approach

Sweden has taken a robust approach in combating money laundering, establishing two key laws that form the foundation of its anti-money laundering framework.

Administrative Framework

The Money Laundering and Terrorist Financing (Prevention) Act, also known as the Anti-Money Laundering Act, provides the administrative framework for firms operating in specific sectors. This act aims to prevent these firms from being exploited for money laundering and terrorist financing purposes.

Reporting Requirements

Under this law, firms subject to the regulations are required to report any suspected money laundering or terrorist financing activities without delay to the Financial Intelligence Unit within the Swedish Police. The reporting must be done in accordance with instructions provided by the Financial Intelligence Unit, which can be contacted via email at fipo@polisen.se.

Criminal Law Framework

The Act on Penalties for Money Laundering Offences serves as the criminal law framework governing money laundering and terrorist financing. This act makes it a criminal offence to launder money, underscoring the severity of the crime.

Supervision and Compliance

Finansinspektionen, Sweden’s financial watchdog, plays a crucial role in supervising financial firms subject to the Anti-Money Laundering Act. The agency ensures that these firms comply with the rules aimed at preventing them from being used for money laundering purposes.

Additional Resources

For more information on measures against money laundering and terrorist financing, citizens are encouraged to visit the website of the Swedish government: [website URL].

By taking a two-pronged approach, Sweden has demonstrated its commitment to combating money laundering and terrorist financing. The country’s robust regulatory framework and supervision ensure that financial institutions operate in a safe and secure environment, while also providing citizens with the necessary information to stay informed about these important issues.