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Amendments in the Anti-Money Laundering Regulations

Amendments in the Anti-Money Laundering Regulations

Sweden is a member of the Financial Task Force, hereinafter referred as FATF, which develops international standards for combating money laundering, terrorist financing and financing of weapons of mass destruction. In the year of 2012, the FATF revised their standards. According to these standards countries will have to, inter alia, identify, evaluate and understand their risks of money laundering and terrorist financing. Sweden has made a national risk assessment and given that the international standards has been revised, and the national risk assessment taken into consideration, the government has published a government bill regarding amendments in the Swedish Money Laundering and Terrorist Financing Prevention Act (SFS 2009:62), hereinafter referred as the Money Laundering Act.

The Swedish Money Laundering Act has been revised regarding, inter alia, politically exposed persons, hereinafter referred as PEP. Therefore, a proposal to amendments in the Swedish regulations and general guidelines (FFFS 2009:1) regarding measures against money laundering and terrorist financing, has been published by the Swedish Financial Supervisory Authority, hereinafter referred to as the Money Laundering Regulation.

The amendment to the Money Laundering Act means, inter alia, that the definition of PEP, and there family members and known contributors, are brought into the Money Laundering Act. The regulation regarding when PEP has ceased to exercise their functions, are also brought in to the Money Laundering Act. Based on the authorization for the Swedish Financial Supervisory Authority, this is currently regulated in the Money Laundering Regulations. Because of legislative changes in the Money Laundering Act, the Government has decided that this authorization shall be suspended as from August 1, 2015. This means that from that date, the Swedish Financial Supervisory Authority is no longer able to grant or suspend regulations regarding the definition of PEP. The regulations regarding PEP stated in the Money Laundering Regulations will, therefor, from August 1, 2015 be found in the Money Laundering Act.

The amendments in the Swedish Money Laundering Act mean that there will be more amendments also in the Money Laundering Regulations. The Swedish Financial Supervisory Authority will bring further proposals on changes to the Money Laundering Regulations. The proposals will not be submitted until after the summer.

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