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Money laundering on the rise in Sweden

TT/Rebecca Martin · 29 Apr 2011, 10:52

Published: 29 Apr 2011 10:52 GMT+02:00

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According to figures from the financial crimes police (Finanspolisen), the number of reported money laundering cases in Sweden increased by 3,000 to a total of 12,000 reported cases in 2010, the Svenska Dagbladet (SvD) newspaper reports.

Sweden has been criticised for not doing enough to combat this type of crimes and now the Swedish National Council for Crime Prevention (Brottsförebyggande rådet - Brå) is suggesting the creation a national financial intelligence centre to be shared by Swedish Police, Customs, Tax agency and Economic Crime Authority (Ekobrottsmyndigheten).

“This way we can free up resources, make use of each of the authorities’ expertise and increase the quality of operative intelligence,” Daniel Vesterhav, researcher at the crime prevention council, told SvD.

The report also shows that out of the 14,500 companies in Sweden obliged by law to report possible money laundering crimes within their own organisation, 90 percent of reports come from banks, foreign exchange companies and other money handling businesses.

But the number of unreported cases is believed to be large. Some businesses that the crime prevention council considers to be specifically targeted did not report a single case of suspected money laundering in 2010.

Last year, six out of a thousand car dealers, eight out of 6,100 real estate agents, and five out of 4,117 private accountants filed a money laundering report to the council.

Not one single tax adviser out of Sweden’s 159 obliged to report potential money laundering crimes to police filed a report last year.

Story continues below…

According to the crime prevention council, this is likely because companies are reluctant to file a report based on suspicions or simply don’t understand what it is that the financial unit of the police is interested in.

“Many companies are worried that they may be threatened if it is known that they have reported a potential case," Vesterhav told SvD.

TT/Rebecca Martin (news@thelocal.se)

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Your comments about this article

11:38 April 29, 2011 by DamnImmigrant
I am constantly leaving money in my pocket when I do the laundry. I have to admit that the bills come out smelling fresh.
12:51 April 29, 2011 by Swedesmith
You know how clean the Swedes are.
22:09 April 29, 2011 by muscle
2 days back, a friend of mine reported an apparently, clear case of money laundering case, actually FAKE CURRENCY case (for him), to the police.

But, I don't know why the police is a bit slow. Or may be its some process. Or may be the police is not used to such crimes. But anyway, it should at least start some investigation.
23:24 April 29, 2011 by star10
How do you define money laundering? If it is based on to whom you transfer money, then how on earth is it possible to identify identity of the recipient? If it is based on purpose of the money used, how do you trace for what purpose the money is used?

May be, the police just want to create employment opportunity for themselves.
23:39 April 29, 2011 by muscle
My friend will explain himself
23:48 April 29, 2011 by tombby11
I am his friend

Money laundry means converting dirty money (such as stolen one) into clean one. what happened to me (and still happening) that people sent me money and they want me to take some of it , and transfer the rest through western union.

anyway i called the police and they were really slow in their process , and i am worried that the people will contact me again asking for their money. The police are not only slow but they are also too cold that make you worried even if there is nothing to worry about. Sometimes i feel that it would be better if i have sent the money to the people, but in the end you cannot rest when you know that you are doing the wrong thing.
08:33 April 30, 2011 by Rizwan Rahim
@tombby11 money laundering and fraud is often regarded as 2 identities whereas one can argue as same in some point,hence Stealing is not ML, ML technically denotes as "the process of converting proceeds earn by illegal means"

eg....extortion, prostitution,drugs trafficking,human trafficking,counterfeit notes, and many more. *ALL ML ARE FRAUDS BUT ALL FRAUDS ARE NOT ML*

@star10 there r 3 stages namely, placement, layering,and integration. stage 1 ML will be placed into the financial system without getting notice from competent authorities eg-i cant discuss via this forum....stage 2 ML will distract the placed funds into different location,furthermore its difficult for a laymen to understand this process. and stage 3 is integration by now ML funds are well placed for action...which means they can fund terrorism, buy WMD,invest in illegal business,corrupt economies so so

my personal note is that FI (financeinspectionen) must be place with high power supervision section 2 monitor and prosecute alleged offenders in its full capacity.
11:44 April 30, 2011 by johnny1939
Follow your nose and gut feeling and don't have anything to do w/ dealings that seem strange even when you think that you know somebody. It is like carrying packages abroad for someone..don't do it! People do not need help w/ carrying money etc. that is what banks and financial institutions are for. These criminals like to deal w/ people who are naive and honest...they are the easiest to convince and once you get caught you can end up in serious trouble like aiding and abetting terrorists. So Just don't be helpful w/ money transactions whatever they might be and claimed to be liking "aiding poor in Africa etc.
23:20 May 2, 2011 by DJECKY
money is a very scarse resourse on earth you Guys are just talking as if people can be having it or moving with it about like that

Please, loundry people it or let the money in the loundry come and meet me then i will know what is money loundry,or is loundry in the money .weather which one is which one but the idea is that money is good but very scarse.i dont think people have it to access until they are taking it to the

loundry man.
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