Financial Crime World

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Sweden’s Battle Against Money Laundering and Terrorist Financing: Challenges Remain

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The fight against money laundering and terrorist financing is a top priority for Sweden, with the government working tirelessly to prevent the misuse of financial systems. Despite progress made in recent years, challenges persist, according to a new national risk assessment.

Systemic Risks

The report released by the Swedish National Council for Crime Prevention (Brå) highlights systemic risks linked to:

  • Strawmen
  • Population registration
  • Exploited identities

These risks could compromise confidence in the financial system if left unchecked.

Shortcomings and Gaps

The assessment also notes shortcomings in:

  • Dissemination, access, and production of information and knowledge within Sweden’s regime
  • Lack of resources and tools in certain areas

These gaps are managed through various measures, but some threats can only be mitigated, not completely prevented.

Coordination Function

The Swedish Police Authority heads the coordination function, which brings together 16 agencies to combat money laundering and terrorist financing. The effort is based on two sets of regulations:

Administrative Regulations

Money Laundering and the Financing of Terrorism (Prevention) Act

Aims to prevent and counteract the exploitation of financial activities for the purposes of money laundering and terrorist financing.

Penal Regulations

Acts on Penalties for Money Laundering Offences and Criminal Responsibility for the Financing of Particularly Serious Crime

Target individuals who have engaged in these illegal activities.

National Risk Assessment

The national risk assessment is a joint effort between the members of the coordination function, including agencies such as:

  • Swedish Companies Registration Office
  • Swedish Economic Crime Authority
  • Swedish Tax Agency

Conclusion

The report highlights the need for continued vigilance to prevent the misuse of financial systems and the destabilization of democracy. As the government continues to work towards strengthening its efforts, it is crucial that all actors involved in the fight against money laundering and terrorist financing remain committed to their roles.

Additional Resources

  • Swedish National Council for Crime Prevention’s report “Money Laundering and other money management – Criminal money, black money and murky money in the legal economy” (Report 2015:22)
  • Government Offices: Combating money laundering and terrorist financing
  • FATF’s website and Sweden’s measures to combat money laundering and terrorist financing
  • National centre for Terrorist Threat Assessment: “Terrorist threat assessment – 2021”

Source

Swedish National Council for Crime Prevention (Brå), Government Offices, FATF