During Task Review’s mapping of how organized crime launders cash, the Riksbank’s head of cash Mattias Rostedt was asked how much is smuggled across Swedish borders each year. He then replied that he did not know.
He gave the same answer regarding how much Swedish money is bought back from abroad – so-called repatriation, which clearly indicates how large the suspected cash smuggling can be.
After the interview, Mattias Rostedt clarified in an email:
“The Riksbank does not have the task of following or monitoring currency exchange or repatriation, thus the Riksbank does not know the size of the value that is repatriated back to Sweden.”
Got information
But the Task Review can reveal that as early as June 2023 the Riksbank asked the company Loomis – which receives and counts all Swedish banknotes that are bought back to Sweden. Loomis then informed the Riksbank about how much cash was returned.
Confronted with the task, Mattias Rogstedt confirms that he and the Riksbank have been informed by, among others, Loomis:
“We also received information about the amounts covered by the repatriation.”
He does not want to answer why he previously claimed the opposite.
Acting differently
Mission review has been able to show how a lack of legislation and poor coordination between authorities is used by organized crime to smuggle cash.
In Norway, the authorities have invested in cracking down on suspected smuggling, which according to a recent study was previously at a similar level as in Sweden. Denmark has also chosen a different path – and the investments have had an effect.
After the authorities mapped the cash flow and openly reported the figures, Danish and Norwegian banks no longer buy back currency from abroad as before – due to the risk of money laundering. It has made it more difficult for criminals to find and get rid of the currency abroad.