Financial Crime World

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Sweden’s Financial Crime Prevention and Deterrence Efforts Praised in Latest FATF Review

Sweden has been commended for its efforts to prevent and deter financial crime, with a strong showing in the latest review by the Financial Action Task Force (FATF). The country scored high marks across various areas, including risk assessment, national cooperation, and anti-money laundering measures.

Risk Assessment and National Cooperation

According to the report, Sweden is largely compliant with FATF Recommendation R.1 on assessing risk and applying a risk-based approach, recognizing the importance of identifying and mitigating financial crime risks. Similarly, the country was found to be largely compliant in implementing measures to prevent terrorist financing (R.5), including targeted financial sanctions against designated entities.

Anti-Money Laundering Measures

Sweden’s efforts to combat money laundering through the confiscation of illicit proceeds were also commended (R.4). The country was praised for its implementation of customer due diligence requirements (R.10) and its record-keeping practices (R.11).

Targeted Financial Sanctions

In addition, Sweden was found to be partially compliant with FATF Recommendation R.6 on targeted financial sanctions related to terrorism and terrorist financing, as well as R.7 on targeted financial sanctions related to proliferation.

Areas for Improvement

The report highlighted areas where Sweden needs improvement, including:

  • Stronger internal controls and foreign branch and subsidiary oversight (R.18)
  • Enhancing powers of supervisors (R.27)
  • Improving international cooperation through mutual legal assistance (R.37)

Conclusion

Overall, Sweden’s strong showing in the FATF review reflects its commitment to preventing and combating financial crime. The country continues to work towards full compliance with FATF recommendations, a key priority for maintaining global financial stability.

Note: The ratings used in this article are based on the original report’s notation system:

  • C = compliant
  • LC = largely compliant
  • PC = partially compliant
  • NC = non-compliant