Sweden’s War on Money Laundering: Two Key LawsEnacted to Combat Money Laundering and Terrorist Financing

Sweden, in its continued efforts to combat money laundering and terrorist financing, has enacted two major legislations: the Money Laundering and Terrorist Financing (Prevention) Act, also known as the Anti-Money Laundering Act, and the Act on Penalties for Money Laundering Offences.

The Anti-Money Laundering Act: An Administrative Framework

This legislation lays down the administrative framework for preventing specific industries from inadvertently facilitating money laundering and terrorist financing activities. Businesses subject to these regulations include:

• Banks and financial institutions
• Lawyers and notaries
• Real estate agents
• Accountants and tax consultants
• Casinos

Reporting Requirements

entities are obligated to report any suspected instances of money laundering or terrorist financing they encounter within their operations to the Financial Intelligence Unit (FIU) at the Swedish Police without delay. Reporting procedures must adhere to FIU guidelines. Firms can contact the FIU via email: fipo@polisen.se for further information.

The Act on Penalties for Money Laundering Offences: Criminalizing Financial Crimes

This legislation criminalizes money laundering and terrorist financing under Swedish law. Infractions are considered criminal offenses.

Role of Finansinspektionen

Finansinspektionen (FI), Sweden’s financial supervisory authority, is tasked with overseeing financial firms subject to the Anti-Money Laundering Act and ensuring they abide by the prevention rules outlined in the Act. Their primary objective is to prevent these entities from being exploited for money laundering purposes.

For further details on Sweden’s measures against money laundering and terrorist financing, please visit the Swedish Government’s official website.