Sweden

Member since 1990

Since the 2017 assessment of Sweden’s measures to tackle money laundering and terrorist financing, and their follow-up report in 2018, the country has taken a number of actions to strengthen its framework.

Sweden is rated compliant on 14 Recommendations and largely compliant on 23 Recommendations. It is remains partially compliant on 3 Recommendations.

Sweden's progress in strengthening measures to tackle money laundering and terrorist financing

2 Oct 2020

Since its mutual evaluation in 2017, Sweden has worked to improve the effectiveness of its national framework to combat money laundering and terrorist financing.
Read more 2018 Follow-Up Report
Sweden Follow-Up 2020

In 2017 the FATF conducted an assessment of Sweden’s anti-money laundering and counter-terrorist financing (AML/CFT) system, based on the 2012 FATF Recommendations. This assessment reviews the level of effectiveness of Sweden’s AML/CFT regime as well as its level of technical compliance with the FATF Recommendations. 

Sweden is generally perceived as a low crime country. It nevertheless faces money laundering risks, because of its role as a regional financial centre and resulting from domestic crimes - particularly tax crimes.  Swedish authorities have a reasonable understanding of these risks, although the lack of a national AML/CFT coordination mechanism means that different authorities do not share the same understanding of the risks, or respond to them in a coordinated way.

Sweden also faces terrorist financing risks, in particular associated with ISIL and foreign terrorist fighters. Swedish authorities prioritise combating terrorist financing and integrate this with other counter-terrorism work. However, there are legal and practical weaknesses in Sweden’s implementation of targeted financial sanctions to freeze terrorist assets, which should be addressed urgently.

Sweden's measures to combat money laundering and terrorist financing

25 Apr 2017

Sweden has a strong regime to tackle the money laundering and terrorist financing risks it faces, but needs to improve its national policy coordination.
Read more
Mutual Evaluation of Sweden - 2017

Ratings

Technical Compliance

Ratings which reflect the extent to which a country has implemented the technical requirements of the FATF Recommendations.

Sweden Follow-Up Report - 2020

R.1 - Assessing risk & applying risk-based approach
LC
R.2 - National cooperation and coordination
C
R.3 - Money laundering offence
LC
R.4 - Confiscation and provisional measures
LC
R.5 - Terrorist financing offence
LC
R.6 - Targeted financial sanctions related to terrorism & terrorist financing
PC
R.7 - Targeted financial sanctions related to proliferation
PC
R.8 - Non-profit organisations
LC
R.9 - Financial institution secrecy laws
C
R.10 - Customer due diligence
LC
R.11 - Record keeping
C
R.12 - Politically exposed persons
C
R.13 - Correspondent banking
LC
R.14 - Money or value transfer services
C
R.15 - New technologies
LC
R.16 - Wire transfers
C
R.17 - Reliance on third parties
LC
R.18 - Internal controls and foreign branches and subsidiaries
LC
R.19 - Higher-risk countries
C
R.20 - Reporting of suspicious transactions
C
R.21 - Tipping-off and confidentiality
C
R.22 - DNFBPs: Customer due diligence
LC
R.23 - DNFBPs: Other measures
LC
R.24 - Transparency and beneficial ownership of legal persons
LC
R.25 - Transparency and beneficial ownership of legal arrangements
LC
R.26 - Regulation and supervision of financial institutions
LC
R.27 - Powers of supervisors
LC
R.28 - Regulation and supervision of DNFBPs
LC
R.29 - Financial intelligence units
C
R.30 - Responsibilities of law enforcement and investigative authorities
C
R.31 - Powers of law enforcement and investigative authorities
LC
R.32 - Cash couriers
PC
R.33 - Statistics
LC
R.34 - Guidance and feedback
LC
R.35- Sanctions
LC
R.36 - International instruments
C
R.37 - Mutual legal assistance
LC
R.38 - Mutual legal assistance: freezing and confiscation
LC
R.39 - Extradition
C
R.40 - Other forms of international cooperation
C

C = compliant   |   LC = largely compliant     |   PC = partially compliant   |   NC = non-compliant

Effectiveness

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Sweden Mutual Evaluation - 2017

IO1
ME
IO2
HE
IO3
ME
IO4
ME
IO5
ME
IO6
ME
IO7
SE
IO8
SE
IO9
SE
IO10
ME
IO11
SE

HE = high level of effectiveness   |   SE = substantial level of effectiveness    |   ME = moderate level of effectiveness   |   LE = low level of effectiveness

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