Sweden Prioritizes International Cooperation in Fight Against Money Laundering and Terrorist Financing
Stockholm, Sweden - In its efforts to combat money laundering (ML) and terrorist financing (TF), Sweden has established a robust system of international cooperation, making it an effective partner in the global fight against financial crimes.
Strong Network of International Cooperation
According to a recent report, Sweden exchanges information, intelligence, and evidence with other countries to facilitate action against criminals and their assets. The country has a strong network of liaison officers and joint investigative teams that enable swift and effective investigations into ML and TF cases.
- Close cooperation with neighboring countries in the Nordic and Baltic regions
- Extensive relationships with European Union (EU) members and other countries worldwide
- Timely mutual legal assistance and extradition/surrender to countries using direct European mechanisms such as European arrest warrants and Eurojust
Single Point of Operative Contact (SPOC)
The report highlights Sweden’s SPOC, a well-resourced mechanism that receives, actions, and follows up on requests for cooperation from other countries. This has enabled the country to successfully prosecute cases involving international criminal networks through cooperation with foreign counterparts.
FIU-to-FIU Cooperation
Sweden also prioritizes FIU-to-FIU cooperation, which takes place through shared platforms, and is actively seeking international cooperation when intelligence or evidence is needed from foreign partners.
Priority Actions
The report identifies several priority actions for Sweden, including:
- Introducing legal powers to apply targeted financial sanctions relating to terrorism or proliferation
- Establishing a national mechanism for ensuring adequate cooperation and coordination between ministries and operational agencies
- Increasing access to and use of financial intelligence
Financial Supervisory Authority (FSA) Collaboration
Sweden’s FSA collaborates closely with foreign supervisors when supervising Swedish financial institutions that operate in other countries. The country also plans to establish a central register of beneficial ownership, as required by the EU Fourth Anti-Money Laundering Directive.
Effectiveness Rating
In terms of ratings, Sweden received a moderate effectiveness rating for its anti-money laundering and counter-terrorist financing measures, with high ratings for international cooperation and supervision. The country was found to be largely compliant with technical standards in several areas, including assessing risk and applying a risk-based approach.
Conclusion
Overall, Sweden’s commitment to international cooperation has enabled it to effectively combat ML and TF, making it an important partner in the global fight against financial crimes.