Financial Crime World

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Corporate Law and Regulation in Sweden: Focus on Bribery and Corruption

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The report provides an overview of the current state of corporate law and regulation in Sweden, with a focus on bribery and corruption.

Key Points

Jurisdiction

Swedish Jurisdiction

Swedish jurisdiction exists where the crime was committed or directed towards a Swedish legal or natural person.

  • Key point: Jurisdiction is crucial for determining the application of Swedish laws.
  • Importance: Understanding jurisdiction helps in navigating complex international cases involving Swedish companies or individuals.

International Cooperation

Recognition and Completion of Judgments

Close cooperation between Nordic countries regarding recognition and completion of judgments and penalties.

  • Benefits: Facilitates the resolution of cross-border cases, promoting efficiency and consistency.
  • Importance: Enhances trust among Nordic nations, fostering a collaborative environment for corporate activities.

Local Law Considerations

Assistance in Criminal Matters

Assistance in criminal matters to another requesting state, even if Sweden does not have an agreement on legal assistance with that state.

  • Key point: Sweden provides assistance in criminal matters, ensuring cooperation with international partners.
  • Importance: Supports the global fight against transnational crime and promotes a fair justice system.

Changes in Swedish Legislation

Increased Corporate Fines

Maximum corporate fine raised from 10 million to 500 million kronor as from January 2020.

  • Impact: The increased fine may lead to more cases, promoting a stronger focus on compliance within Swedish companies.
  • Importance: Demonstrates Sweden’s commitment to combating corruption and bribery, setting a higher standard for corporate accountability.

Standards and Business Codes

Code for the Prevention of Corruption in Business

The Swedish Anti-Corruption Institute publishes a Code for the Prevention of Corruption in Business, which complements and clarifies the Swedish Penal Code with regard to bribery and bribery-related crimes connected with companies’ business activities.

  • Purpose: Provides guidance on preventing corruption within businesses, promoting a culture of integrity.
  • Importance: Complements existing laws, enhancing transparency and accountability among Swedish companies.

Notable Cases

TeliaSonera Affair and Ericsson Case

Notable cases involving bribery and corruption, including the TeliaSonera affair and the Ericsson case.

  • Key point: These cases highlight the importance of compliance and the consequences of non-compliance.
  • Importance: Serve as a reminder of the ongoing struggle against corruption and bribery in Swedish corporate activities.

Conclusion

The report concludes that the new maximum corporate fine may lead to a higher number of cases in the future, and the outcome of the Ericsson case will be of particular interest. Additionally, the proposed new Act on whistle-blower protection is likely to strengthen the rights of whistle-blowers in Sweden. Furthermore, legislative changes necessary to implement the EU Whistleblower Directive may lead to increased reports of misconduct within Swedish organisations and companies. The trend of Swedish companies focusing more on compliance and corporate social responsibility (CSR) issues is also expected to continue.

The report provides an overview of the current state of corporate law and regulation in Sweden, with a focus on bribery and corruption, and highlights potential developments and trends in this area.