On 1 August 2017, new regulations came into force regarding measures against money laundering and terrorist financing. In these pages we provide information about what firms in the financial industry need to do to comply with the new regulations.
In Sweden, there are two main laws that regulate combating money laundering.
The Money Laundering and Terrorist Financing (Prevention) Act (the Anti-Money Laundering Act) is the administrative framework applying to firms in certain sectors. The purpose of the regulations is to prevent firms from being used for money laundering and terrorist financing.
Firms that are subject to the Anti-Money Laundering Act are responsible for reporting, without delay, suspected money laundering or terrorist financing in their operations to the Financial Intelligence Unit within the Swedish Police. Reporting shall be done as instructed by the Financial Intelligence Unit. Firms can contact the Financial Intelligence Unit by e-mailing email@example.com or calling 010-56 368 00.
The Act on Penalties for Money Laundering Offences is the criminal law framework covering money laundering and terrorist financing. Under the Act, laundering money is a criminal offence.
Finansinspektionen's task is to supervise the financial firms that are subject to the Anti-Money Laundering Act to ensure their compliance with the rules set out therein to prevent them from being used for money laundering.