Sweden probes exchange brokers in money-laundering clampdown

GMT 04:26 2015 Saturday ,15 August

Arab Today, arab today Sweden probes exchange brokers in money-laundering clampdown

Sweden share
Stockholm - XINHUA

Sweden is due to probe whether foreign exchange brokers are laundering money as the country faces international scrutiny, local media reported on Friday.

Sweden's Financial Supervisory Authority (FSA) will put 2,000 cash-handling businesses under review after signs mounted that exchange brokers were being used for money laundering or terrorism funding, daily newspaper Dagens Nyheter reported.

"It's urgent that we show internationally that we're treating this issue with the utmost seriousness and are active on this issue," Financial Markets Minister Per Bolund told the paper.

The government wish for currency brokers to raise standards comes ahead of a visit by the international watchdog Financial Action Task Force in the summer of 2016.

Some of Sweden's largest banks, Nordea and Handelsbanken, were fined a total of 85 million SEK (10 million U.S. dollars) in May for persistent violations of national rules against money laundering.

The FSA reported back to the government on Friday after probing some 300 cases of money laundering or terrorism funding dating back to 2010.

"We must examine the rules and enhance our ability to penalize," said Bolund, who also called for better cooperation between government bodies and international organizations. (1 U.S. dollar = 8.5 SEK)

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