Rules to prevent money laundering and the financing of terrorism

The EU adopted the fourth Anti-Money Laundering Directive in 2015. This Directive has been implemented into Swedish law through the Anti-Money Laundering and Counter-Terrorist Financing Act (2017:630) (the Anti-Money Laundering Act) and FI’s regulations (FFFS 2017:11) regarding measures against money laundering and terrorist financing (anti-money laundering regulations). With the aim of improving the legislative framework – in part given new technological services – the EU Adopted a fifth Anti-Money Laundering Directive in 2018, which has also been implemented primarily in the Anti-Money Laundering Act.

In addition, the Money Laundering Offences Act (2014:307) is the penal regulation covering money laundering and the financing of terrorism. Under the act, for example, it is a crime to launder money.

In 2024, the EU adopted a package with new anti-money laundering and financing of terrorism rules that aims to protect EU citizens and the EU financial system from money laundering and the financing of terrorism. This means that most rules are gathered in a single EU regulation (AMLR), which thus applies directly and does not need to be implemented in the various member states’ national legislation. AMLR is supplemented with a new Anti-Money Laundering Directive that contains provisions that target Member States. For example, AMLD contains provisions on cross-border cooperation, informational exchange, supervision and sanctions.

The 2024 package also creates a new EU authority, the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA). AMLA will be fully operational in 1 January 2028 and will then conduct direct supervision of more than 40 financial firms in the EU. AMLA will also conduct indirect supervision of other financial firms through national authorities, for example Finansinspektionen in Sweden.