Financial Crime World

Sweden’s Strong Stance Against Financial Crimes: A Look at Key Players in Money Laundering and Terrorist Financing Prevention

Sweden, like many other countries, hosts a number of entities dedicated to combating money laundering and terrorist financing. In this article, we shed light on some of these entities and their roles in ensuring financial security.

The Financial Action Task Force (FATF)

  • Established: 1989
  • Description: An intergovernmental organization setting international standards for fighting money laundering, terrorist financing, and financing of weapons of mass destruction.
  • Membership: More than 200 jurisdictions covered through its 39 members and 9 regional bodies.
  • Impact: Sets the global standards in the fight against financial crimes.
  • Sweden’s Involvement: Joined FATF in 1990 and committed to implementing its standards in the country’s legal framework.
  • Website: www.fatf-gafi.org

Swedish Financial Intelligence Unit (FI)

  • Part of: Swedish Police
  • Role: Responsible for registering, analyzing, and processing reports on suspected money laundering or terrorist financing.
  • Function: Assesses reported transactions and determines if they are linked to criminal activities, notifies relevant law enforcement agencies if sufficient evidence is found.
  • Website: www.folketspolis.se/en/swedish-financial-intelligence-unit/

Swedish Economic Crime Authority

  • Part of: Swedish judiciary
  • Role: Prevents and investigates financial crimes, such as accounting fraud, tax offenses, bankruptcy-related crimes, financial market crime, and EU fraud.
  • Prevention Measures: Takes prevention measures and engages in intelligence activities.
  • Website: www.ekobrottsmyndigheten.se/

Swedish Security Service

Swedish Prosecution Authority

  • Role: Invests and prosecutes crimes.
  • Responsibilities: Prosecutors at the authority are responsible for leading preliminary investigations, making prosecution decisions, and bringing criminal proceedings to court.
  • Website: www.aklagare.se/en

Egmont Group

  • Established: 2000
  • Description: Global network for Financial Intelligence Units (FIUs).
  • Sweden’s Representation: Swedish Financial Intelligence Unit (FI) within the Swedish Police is an active member.
  • Function: Strengthens international cooperation in combating money laundering and terrorist financing among FIUs.
  • Website: www.egmontgroup.org

The Basel Committee

  • Description: Global network for setting standards, guidelines, and recommendations for the supervisory authorities of most countries.
  • Function: Ensures local supervisory cooperation through regional committees and provides training in the field of supervision.
  • Website: www.bis.org/bcbs

AML-CFT Committee at EBA

  • Established: 2020
  • Description: European Banking Authority (EBA) standing committee focused on preventing money laundering and terrorist financing.
  • Members: 57 competent authorities, with 27 having a voting right.
  • Function: Prepares matters for decision by the EBA’s governing body on AML/CFT matters. Swedes Finansiella Inspektionen (Swedish Financial Supervisory Authority) is a voting member.
  • Website: https://eba.europa.eu/amlcft