Swedish Crusaders Against Financial Crimes: A Collaborative Effort against Money Laundering and Terrorist Financing

In the global mission to curb financial crimes, several entities in Sweden and beyond are leading the charge against money laundering and terrorist financing. Below are some key players in this important mission.

Financial Action Task Force (FATF)

• Established: 1989, as an intergovernmental body
• Mission: Develop international standards for the prevention of money laundering, terrorist financing, and the financing of weapons of mass destruction
• Members: Over 39 member countries and 9 regional bodies
• Swedish Role: Proud member since 1990, committed to implementing international standards
• Website: www.fatf-gafi.org

Swedish Financial Intelligence Unit (FIU)

• Description: A branch of the Swedish Police responsible for registering, analyzing, and processing reports from businesses concerning potential money laundering or terrorist financing activities
• Responsibilities: Assess suspected transactions, informing relevant law enforcement authorities if criminal activity is identified
• Website: The Swedish Police (in Swedish)

Swedish Economic Crime Authority

• Description: A specialized agency within the Swedish judiciary focusing on preventive and investigative measures against financial crimes
• Caseload: Serious offenses like accounting fraud, tax evasion, financial market crimes, and other offenses with preventative purposes
• Website: www.ekobrottsmyndigheten.se/

The Security Service

• Description: Sweden’s Security Service actively prevents and detects crimes against Swedish national security, including terrorism
• Website: www.sakerhetspolisen.se/en/swedish-security-service.html

Swedish Prosecution Authority

• Description: Ensures the investigation and prosecution of criminal cases in Sweden
• Role: Oversee preliminary investigations, make legal decisions, and represent the state in court cases
• Website: www.aklagare.se/en

Egmont Group

• Description: Global network of 139 Financial Intelligence Units (FIUs) to facilitate international cooperation against money laundering and terrorist financing
• Swedish FIU: Part of the network
• Website: www.egmontgroup.org

The Basel Committee – AMLEG

• Description: Dedicated to promoting global supervisory standards, providing training, and coordinating local supervisory efforts through regional committees
• Website: www.bis.org/bcbs

AMLC at the European Banking Authority (EBA)

• Description: Oversees preventative measures against money laundering and terrorist financing for the EBA’s governing body, the Board of Supervisors, since 2020
• Website: AML/CFT at the EBA’s website