Sweden’s Steps Against Money Laundering and Terrorist Financing: A Look at the Legal Framework

Sweden, a Scandinavian country, has two key legislations that form the foundation of its efforts to prevent Money Laundering and Terrorist Financing. These are:

1. Money Laundering and Terrorist Financing (Prevention) Act (Anti-Money Laundering Act)
2. Act on Penalties for Money Laundering Offenses

Money Laundering and Terrorist Financing (Prevention) Act (Anti-Money Laundering Act)

This act serves as the administrative regulatory structure for specific sectors aiming to protect Swedish firms from being misused in money laundering and terrorist financing schemes. Companies under this law have the following obligations:

• Report any suspected instances of money laundering or terrorist financing to the Financial Intelligence Unit (FIU) at the Swedish Police.
• Submit reports to the FIU as instructed.
• Reach out to the FIU for reporting instructions and guidance via email at: fipo@polisen.se

Act on Penalties for Money Laundering Offenses

This law criminalizes money laundering and terrorist financing activities under Swedish law, with the objective of deterring potential offenders and protecting the Swedish financial system’s integrity.

Finansinspektionen

The Swedish Financial Supervisory Authority, Finansinspektionen is responsible for monitoring the fiscal conduct of financial entities subject to the Anti-Money Laundering Act to ensure their adherence to the prevention-focused regulations.

Additional Resources

For more detailed information on Sweden’s initiatives against money laundering and terrorist financing, visit the Swedish Government’s website, which offers comprehensive resources and updates on related measures.