Sweden
Last Updated: 23/5/2008CENTRAL AUTHORITY FOR REPORTING
The Finance Intelligence Police (FIPO) as part of the National Police Board.
HAS THE THIRD EU MONEY LAUNDERING DIRECTIVE BEEN IMPLEMENTED?
The National Commission of Inquiry on Money Laundering and Financing of Terrorism, appointed by the Swedish Government, and with which the Swedish Bar Association has met to underline the important issues from a lawyer's perspective, has issued a report setting out its conclusions on how the Third Directive should be implemented. The Swedish Bar Association and other stakeholders have submitted their comments on the Commission's conclusions as part of the legislative referral process. At present these comments and the Commission's conclusions are being processed by the Swedish Government, and then a legislative proposal will be drawn up. According to the present timetable, a legislative proposal will be ready for examination by the Swedish Council on Legislation during the summer 2008 and a Government Bill will be brought before the Swedish Parliament in early autumn 2008.
According to an European Union press release of 5 June 2008 (Ref: IP/08/860), the European Commission (EC) is pursuing infringement actions against 15 member states, including Sweden, for failing to adopt and implement the Third EU Money Laundering Directive into national law by the deadline of 15 December 2007. Upon receiving the formal request, the infringing nations will have two months to provide an acceptable response or the EC may refer the issue to the European Court of Justice.
LAWS REGARDING ANTI-MONEY LAUNDERING PROCEDURES
- Lag (1993:768) om åtgärder mot penningtvätt
Law (1993:768) on measures against money laundering - The Penal Code was amended in accordance with the UN Vienna Convention on Illegal Trade in Narcotic Drugs. On 1 July 1999 a special money laundering offence was introduced in the Penal Code.
- The law included in Swedish legislation, the obligations established under the EC Money Laundering Directive enacted on 1 January 1994 (the Measures against Money Laundering Act, 1993:768). Amendments to the law enacted on 1 July 1999 and 1 January 2001.
GUIDELINES
No information available.
UNDER WHAT CIRCUMSTANCES IS A LAWYER UNDER THE OBLIGATION TO REPORT?
- The reporting obligations for members of the Bar follows closely the obligations laid down in the second money laundering directive. Hence, a member of the Bar is under an obligation to report suspicions of money laundering when he participate, whether:
- by assisting in the planning or execution of transactions for their client concerning the
- buying and selling of real property or business entities;
- managing of client money, securities or other assets;
- opening or management of bank, savings or securities accounts;
- organisation of contributions necessary for the creation, operation or management of companies;
- creation, operation or management of trusts, companies or similar structures;
- or by acting on behalf of and for their client in any financial or real estate transaction;
- by assisting in the planning or execution of transactions for their client concerning the
- Exemptions are made with regard to information received by a member of the Bar he receives from or obtain on a client, in the course of ascertaining the legal position for their client or performing the task of defending or representing that client in, or concerning judicial proceedings, including advice on instituting or avoiding proceedings, whether such information is received or obtained before, during or after such proceedings.
- “Tipping off” to the client is allowed 24 h after a report has been made.
IS TIPPING OFF PERMITTED?
Tipping off is not allowed.
LAWYER RESPONSIBILITY
A member of the Bar may not be held responsible for breach of confidentiality when making a report, if he had reason to believe that a report should be made.
DOCUMENTS TO BE COLLECTED
No information available
RESTRICTIONS TO ACT
No information available
EXISTING CLIENTS AFFECTED
No information available
NEW MATTERS
No information available
NEW CLIENTS
No information available
LAWYERS PROSECUTED FOR MONEY LAUNDERING SITUATIONS
No information available
