New inquiry into banks' anti-terror efforts
Sweden's financial supervisory authority, Finansinpsektionen, has launched its largest ever inquiry into Swedish banks’ efforts to counteract money laundering and funding for terrorism.
Previous inquiries have shown up failings in the banks’ systems and now the authority is looking closer at Sweden’s four biggest banks.
“They have many clients and facilitate many transactions. We’re looking at whether the banks have efficient routines,” Liselott Alström, a lawyer at the financial supervisory authority (FI), told Swedish Radio News.
Alström added that a few million krona worth of funds for terrorists are transferred via Swedish banks, but she did not want to comment on exactly what terrorist activity is being financed in Sweden.
Money laundering is more expansive, with SEK 100 billion being laundered in Sweden annually. The money comes from criminal activity and is transferred between different accounts, making it appear like legitimate earnings.
When it comes to funding for terrorism, those making the transactions want to hide where the money ends up and so they make sure that the money “jumps between different accounts,” Alström said, in order to disguise the true purpose of the transactions.
Alström said that FI will take the necessary steps to ensure that banks follow proper procedures for counteracting money laundering and financial transfers to terrorist networks.