Title: Swedish Business Owners Urged to Guard Against Money Laundering and Terrorist Financing Threats

Introduction

In response to the growing threats of money laundering and terrorist financing, Swedish business owners, particularly those in high-risk industries, are being encouraged to fortify their defenses against these illicit activities. The Swedish Police Authority’s Coordinating Body against Money Laundering and Countering Financing of Terrorism provides the following information to help businesses recognize the risks and take the necessary steps to protect themselves.

Industries at Risk

Businesses in sectors such as accounting, auditing, law, tax consulting, company formation, brokering, and postbox services are particularly susceptible to money laundering and terrorist financing. Familiarizing yourself with the warning signs and understanding your reporting obligations is essential to maintaining the integrity of your business and supporting law enforcement efforts.

Understanding Money Laundering and Terrorist Financing

Money laundering refers to the process of disguising the origins of illicitly obtained funds. Terrorist financing, on the other hand, involves concealing the intended use of funds for terrorist activities. Unwittingly, your business could be used as a front or a conduit for these crimes.

Immediate Reporting Obligations

The Swedish Anti-Money Laundering Act requires businesses to report any transactions and activities that may indicate money laundering or terrorist financing to the Financial Intelligence Unit (FIU):

Registration and Reporting

• Register your business and become a user of the goAML system.
• Prepare to register in a timely manner, as processing may take up to two working days.
• Ensure you have access to all relevant customer documentation and information for reporting purposes.

Refraining from Suspicious Transactions

• Avoid carrying out any transactions potentially linked to money laundering or terrorist financing.
• Report any such transactions to the FIU as soon as possible, if they cannot be avoided.

Reporting Process

• Perform an in-depth review of any customers’ transactions or activities that appear suspicious.
• Report your findings to the Financial Intelligence Unit immediately.

Red Flags to Watch Out For

Some common signs of potential money laundering or terrorist financing activities that warrant closer examination include:

1. Customer behavior:

   • Nervousness or defensive attitude during customer due diligence measures.
   • Excessive interest in internal control systems and reporting procedures.

2. Customer Identity:

   • Difficulties in verifying a customer’s identity.
   • Unusual spelling of names.
   • Incomplete, inconsistent, or difficult-to-trace contact details.

3. Payment methods and business schemes:

   • Unfamiliar payment methods.
   • Unusually large transactions.
   • Complex business structures lacking transparency.

By staying vigilant and proactive in addressing these potential threats, you can safeguard your business and contribute to the overall efforts to prevent financial crimes in Sweden. For more comprehensive information on this topic, please visit polisen.se/penningtvatt.