There are primarily two laws in Sweden that regulate the prevention of money laundering.
The Money Laundering and Terrorist Financing (Prevention) Act (Anti-Money Laundering Act) contains the administrative regulations that apply to firms within certain sectors. The objective of the regulations is to prevent firms from being used for money laundering or terrorist financing.
Firms that are subject to the Anti-Money Laundering Act are responsible for duly reporting suspected instances of money laundering or terrorist financing in their operations to the Financial Intelligence Unit of the Swedish National Police Board. Reports should follow the instructions set out by the Financial Intelligence Unit. Firms may contact the Financial Intelligence Unit at email@example.com or by telephone at +46 (0)10 56 368 00.
The Money Laundering Offences Act is the penal regulation covering money laundering and the financing of terrorism. Under the act, for example, it is a crime to launder money.
FI's assignment is to exercise supervision of the financial firms that are subject to the Anti-Money Laundering Act to ensure they comply with the rules set out there which prevent them from being used for money laundering.
FI is sending out a letter and brochure today to all of the firms under its supervision about the requirement to report suspected money laundering and terrorism financing. In order to reach as many people as possible, the brochure is available in six languages (Swedish, English, Persian, Arabic, Finnish and French) and two short, informational videos (in Swedish and English) are available online.
The national risk assessment regarding the financing of terrorism that was published in June 2014 identified a need to become more informed about and aware of terrorism financing. With the aim of becoming more informed, FI commissioned a report from the Center for Asymmetric Threat Studies (CATS) on the threat from terrorism financing and the experiences of measures taken in other countries.
FI has presented in a report to the Government the measures taken to encourage more companies to increase the reporting of suspected money laundering to the Financial Intelligence Unit of the Swedish National Police Board.