When criminals want to launder the proceeds of crime, a common method is to smuggle large amounts of cash abroad.
Mission review has been able to reveal shortcomings in the Swedish fight against cash smuggling – now a new survey shows that cash flowing out of Sweden is often exchanged for other currencies in cities such as Dubai and Istanbul.
Large international banks then buy up the notes and sell them back to Sweden, where the Swedish company Loomis receives and counts the money.
The foreign banks then receive compensation through accounts in Swedish banks.
10 billion
Due to deficiencies in the control system, Swedish authorities do not know how much cash is returned to Sweden. Loomis has previously declined to comment on the scope due to confidentiality.
But Uppdrag review can reveal that Loomis receives Swedish banknotes to the value of around SEK 10 billion annually.
Large parts can be suspected of being smuggled money, based on recent studies carried out in Norway and Denmark – as well as statistics from Swedish customs and conversations with Swedish money laundering experts.
– We have known from the police and other actors that it is a significant problem. But we don’t have the exact figure or the statistics, says Financial Markets Minister Niklas Wykman (M) when he gets to see the data.
“Amount in billions”
The financial police assess that billions in cash are transported out of Sweden every year as part of money laundering and to be converted into new crimes.
“We do not have an exact figure for how much of these criminal profits are returned to Sweden through various channels, but our assessment is that it is likely to be in the billions there as well,” writes Lena Palmklint, head of the Financial Police in an email.
Mission review has repeatedly asked Loomis CEO, Karin Stålhandske, for an interview, but she has declined. Loomis does not want to confirm or deny the information.
Read Loomis’ written comment below.