Sweden

New Documents

The Financial Supervisory Authority of Sweden, Finansinspektionen, published a supervision report on financial instruments with cryptoassets as an underlying asset.

Sweden’s Finansinspektionen published a memorandum outlining the regulator’s priorities for 2021, including efforts to safeguard consumers’ interests and work to combat money laundering and terrorist financing in the Baltics and Sweden.

News

Enforcement Actions

The Financial Supervisory Authority of Sweden, Finansinspektionen, issued an injunction to take remedial action against the Sweden-based subsidiary of Danske Bank A/S, requiring it to assess how its products and services may be used for money laundering or terrorist financing.

The Disciplinary Committee at Nasdaq Stockholm ordered the Stockholm, Sweden-based bank to pay a fine of SEK 46.6 million, which is equivalent to twelve annual fees, for anti-money laundering shortcomings from December 2016 through February 2019.


Important Facts

  • The U.S. State Department labels Sweden as a monitored jurisdiction. Sweden is not a regional financial center. Money laundering in Sweden generally occurs either through individuals or corporations that use the financial system to turn over illicit funds. Money laundering is further facilitated by criminals having contacts or acquaintances within, or influence over, corporations and actors within the financial system. Laundered money originates from sales of narcotics, tax fraud, economic crimes, robbery and organized crime. Money laundering is concentrated primarily in large urban regions, such as Stockholm, and is frequently conducted over the Internet, utilizing international money transfer services, gaming sites, and narcotics and illicit chemical vending sites. Organized crime is a growing concern in Sweden, but public corruption is not an issue. Sweden does not have an offshore financial center. The country does not provide offshore banking and does not readily attract foreign criminal proceeds because it does not have favorable banking regulations.
  • KYC covered entities: Banks; insurance companies; securities firms; currency exchange houses, providers of electronic money, and money transfer companies; accounting firms; law firms and tax counselors; casinos, gaming entities, and lottery ticket sales outlets; dealers of vehicles, art, antiques and jewelry; and real estate brokers
  • STR covered entities: Accountants; tax advisors; lawyers; real estate agents; casinos; banks; life insurance companies and insurance brokers; securities and fund companies; issuers of electronic money; and dealers of high-value goods
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: N/A; Convictions: N/A
-Source: 2015 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 14 High : 1
Largely Compliant : 23 Substantial : 4
Partially Compliant : 3 Moderate : 6
Non-Compliant : 0 Low : 0

Sweden's technical compliance was re-rated in a Oct. 2, 2020 follow-up report

BASEL i

Rank : 134/141
Score : 3.32/10

TRANSPARENCY INTERNATIONAL i

Rank : 4/180
Score : 85/100

Tax Justice Network i

Rank : 64/133
Score : 46/100