Background & Purpose
Criminal networks often use currency exchange and money transfers to hide illegal profits and reinvest money into criminal activities.
Proposals & Debate
The government proposed replacing simple registration with strict permit requirements for currency exchange, payment services, and electronic money, while exempting certain basic account information services from permits.
The Decision
The Swedish parliament approved the government's proposal, meaning that businesses handling currency exchange and payment services must apply for official permits.
Does this affect you?
- Currency exchange businesses: Must apply for official permits instead of just registering their operations.
- Payment service providers: Face stricter regulatory oversight to ensure they are not used for financial crime.
In Practice
- Companies dealing with foreign banknotes, coins, and traveler checks need an official permit from Finansinspektionen.
- Finansinspektionen gets stronger tools to supervise and control businesses in the financial sector.
- Providers of account information services are exempt from permits but must still follow anti-money laundering laws.