New 2024 laws impacting the fight against money laundering

During 2024, new and significant legislative amendments have entered into force that strengthen Europe’s capabilities in combating money laundering and the financing of terrorism. Here is what you, as an obliged entity, need to know:

Stricter requirements for currency exchange businesses

The Currency Exchange and Certain Financial Operations Act (1996:1006) has been updated. Registration with the Swedish Financial Supervisory Authority (FI) is now required even where the activity is not carried out to a substantial extent or is not the company’s principal business. In addition, FI may decide on administrative fines where registration is omitted or information is not submitted. The change strengthens oversight in a sector with a documented high risk of money laundering.

Expanded ability to obtain communications data

The Swedish Financial Intelligence Unit, through an amendment to the Act (2012:278) on the Collection of Data Relating to Electronic Communications in the Intelligence Operations of Law Enforcement Authorities, may now access electronic communications where there is suspicion of aggravated money laundering or money laundering in business operations—where it is particularly important for uncovering organised crime. This provides a stronger intelligence base and enables swifter action against criminal networks.

Non-conviction based forfeiture

A new chapter in the Penal Code enables assets to be forfeited without being linked to a specific offence, provided it is more likely than not that they derive from criminal activities. This means the Swedish Police Authority can now target criminal assets even where proof of a concrete offence is lacking—an important tool against organised economic crime, commonly referred to as non-conviction based forfeiture.

Want to understand how best to adapt your operations to the new rules? Morling Consulting provides AML advisory services, AML risk assessment, AML compliance consulting and AML/CFT training to support robust compliance across Europe, including tailored programmes such as AML compliance training, AML/CFT risk assessment and outsourced AML compliance.