Financial Crime World

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Financial Crimes Examples in Sweden: Key Entities Combatting Money Laundering and Terrorist Financing

Sweden has been at the forefront of combating financial crimes, with various entities working together to prevent money laundering and terrorist financing. Here are some examples of key entities involved in this effort.

International Cooperation

The Financial Action Task Force (FATF) is an intergovernmental body that sets international standards for combating money laundering, terrorist financing, and the proliferation of weapons of mass destruction. Sweden joined FATF in 1990 and has since implemented these standards in its judicial system. The organization conducts periodic evaluations to ensure members are adhering to these standards.

Domestic Entities

Financial Intelligence Unit within the Swedish Police

The Financial Intelligence Unit is responsible for registering, processing, and analyzing reports of suspected money laundering or terrorist financing. If a transaction is linked to a particular crime or part of criminal activity, the relevant police authority or law enforcement agency is informed.

Swedish Economic Crime Authority

The Swedish Economic Crime Authority is a specialist authority that focuses on serious financial crimes such as:

  • Accounting fraud
  • Tax offenses
  • Bankruptcy-related crimes
  • Financial market crime
  • EU fraud

The authority also takes crime prevention measures and undertakes intelligence activity.

Swedish Security Service

The Swedish Security Service is tasked with preventing and detecting crimes against national security, including terrorism. The agency works closely with other law enforcement agencies to combat these types of crimes.

Swedish Prosecution Authority

The Swedish Prosecution Authority ensures that persons who commit crimes are subject to criminal investigation and prosecution. Prosecutors at the authority have a responsibility to lead preliminary investigations, take decisions on matters of prosecution, and bring court proceedings in all cases referred to the agency.

Global Networks and Organizations

Egmont Group

The Egmont Group is a global network for Financial Intelligence Units (FIUs), with the Financial Intelligence Unit within the Swedish Police serving as Sweden’s designated FIU. The organization was founded in 2000 to combat money laundering and terrorist financing through international cooperation.

Basel Committee on Banking Supervision

The Basel Committee on Banking Supervision sets standards, guidelines, and recommendations for supervisory authorities worldwide. The committee provides training and ensures local supervisory cooperation through regional committees.

European Cooperation

Since 2020, the Sub-Committee of Anti-Money Laundering (AMLC) has been leading efforts to combat money laundering and terrorist financing within the European Banking Authority (EBA). The committee includes 57 competent authorities, with FI serving as a voting member.