The financial action task force (FATF) recently released Sweden’s AML/CFT progress report. This is Sweden’s first regular follow-up report after FATF issued its first enhanced follow-up report in 2018.
This report assesses the country’s progress in overcoming the technical compliance deficiencies identified in its Mutual Evaluation Report. Moreover, some FATF requirements have been modified after the first enhanced follow-up report was adopted. The current report also evaluates Sweden’s progress in fulfilling these new requirements.
Since its last evaluation, Sweden has installed several measures to toughen its AML framework. and reported back to the FATF about them. As a result, the FATF has now upgraded the country’s rating on ‘regulation and supervision of financial institutions’ from partially compliant to largely compliant. The authority also rerated Sweden from compliant to largely compliant on ‘new technologies’. Overall, the country is compliant on 14, largely compliant on 23 and partially compliant on 3 FATF recommendations.