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Sweden Unites to Combat Financial Crimes: Banks and Police Join Forces

A New Initiative Against Money Laundering, Terrorism Financing, and Organized Crime

June 1, 2020

Sweden’s police authority and five major banks have launched a significant initiative to combat financial crimes. The Swedish Anti Money Laundering Initiative (SAMLIT) aims to fight organized crime, money laundering, terrorism financing, and other economic crimes.

A Collaboration of Efforts

The initiative will enable the Financial Police and participating banks - Danske Bank, Handelsbanken, Nordea, SEB, and Swedbank - to share information on suspicious transaction patterns, methods, and new types of crime. This collaboration is expected to increase efficiency and proactivity in detecting and preventing financial crimes.

“We believe that sharing more information with each other will help us detect crimes at an earlier stage and prevent them from being committed,” said Linda H Staaf, head of the intelligence unit at the National Operations Department (NOA) of the Swedish police authority. “This is how we want to fight money laundering and the financing of terrorism and combat organized crime.”

A Pilot Project with Great Potential

The pilot project, running from June to November 2020, will test new methods for sharing information under current legislation. The initiative is expected to expand in 2021, with more banks joining the scheme.

Danske Bank’s country manager for Sweden, Johanna Norberg, emphasized the importance of this collaboration: “Like a chameleon, financial crime constantly changes form and pattern, so for us, this collaboration means increased efficiency and proactivity. We hope that the experience gathered in the pilot project will lead to even better possibilities to share information about suspicious activities between banks.”

A Commitment to Fighting Financial Crimes

The Swedish Anti Money Laundering Initiative is part of Danske Bank’s ongoing cooperation with supervisory authorities and other banks across the Nordics and Europe. The bank has already collaborated with Finance Denmark, leading to 25 joint recommendations for improving efforts to combat financial crime.

With this initiative, Sweden takes another step towards a safer financial landscape, demonstrating its commitment to fighting financial crimes and protecting its citizens’ assets.