New bill helps Sweden fight money laundering, terrorist financing

Source: Xinhua| 2018-09-05 02:05:16|Editor: Mu Xuequan
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STOCKHOLM, Sept. 4 (Xinhua) -- The Swedish government proposed on Tuesday a new bill that helps the country to counter money laundering and terrorist financing.

The bill will improve law enforcement authorities' access to information of financial companies, their account events and transactions.

"The best way to tackle financial crime is to cut off the cash flow," Swedish Minister for Financial Markets and Consumer Affairs Per Bolund said in an official statement.

Already now the financial companies have been required to provide financial information. The aim of the proposed bill is to specify in the law that the information should be disclosed without delay and in electronic form.

"The proposal is one in the series on measures that the government takes to counter abuse of our financial system," Bolund said.

According to an international evaluation made by the International Financial Action Task Force (FATF), Sweden has one of the best systems in the world to fight financial crimes.

"I am pleased that Sweden is among the few countries that have passed FATF's strict evaluation. Yet we cannot lean back but have to continue our work," the minister said.

The bill is proposed to be put into operation on Sept. 1, 2019.