Swedish Laws Crack Down on Money Laundering and Terrorist Financing: A Closer Look

Sweden, known for its robust financial system, is a leading example of a country committed to combatting money laundering and terrorist financing. Two key pieces of legislation fortify the country’s economy and citizens against the threat of illicit financial transactions.

The Anti-Money Laundering Act (AMLA)

The Money Laundering and Terrorist Financing (Prevention) Act, commonly referred to as the Anti-Money Laundering Act (AMLA), sets the regulatory framework for businesses in designated sectors. The primary objective is to protect these sectors from being exploited for money laundering or terrorist financing activities.

Companies’ Responsibilities

Firms subject to the AMLA have a mandatory duty to:

• Report any suspected money laundering or terrorist financing instances within their operations to the Swedish Financial Intelligence Unit (FIU).
• Submit reports according to FIU’s specified instructions.
• Contact the Financial Intelligence Unit via email at fipo@polisen.se.

The Act on Penalties for Money Laundering Offences

Parallel to the regulatory framework is the Act on Penalties for Money Laundering Offences, which criminalizes money laundering and terrorist financing under Swedish law.

The Role of the Swedish Financial Supervisory Authority (Finansinspektionen)

The Swedish Financial Supervisory Authority (Finansinspektionen) plays a crucial role in ensuring that financial entities subject to the AMLA adhere to the regulations set forth to prevent money laundering.

For further information on Sweden’s initiatives against money laundering and terrorist financing, please visit the Swedish Government’s Measures Against Money Laundering and Terrorist Financing webpage.