Follow-up Report to the Mutual Evaluation Report of Sweden

Follow-up Report to the Mutual Evaluation Report of Sweden

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The FATF has released the Follow-Up Report to the Mutual Evaluation Report of Sweden, which was adopted in February 2006. In October 2010, the FATF recognised that Sweden had made significant progress in addressing deficiencies identified in their Mutual Evaluation Report and decided that the country should be removed from the regular follow-up process. The FATF agreed that Sweden should now report on any further improvements to its Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) system on a biennial basis.

In its 2006 mutual evaluation, Sweden was rated partially compliant (PC) for the core following Recommendations, Recommendation 5 (Customer due diligence) and Recommendation 13 (Reporting of suspicious transactions and compliance). As a result, it was placed in the regular follow-up process (1).

The Follow-Up Report agreed by the FATF in October 2010 and published here, finds that Sweden has taken sufficient action in remedying the identified deficiencies for the above mentioned Recommendations, that all the Core and most of the Key Recommendations overall are at a level essentially equivalent to compliant (C) or largely compliant (LC), and that substantial progress has also been made on the overall set of Recommendations which were rated NC or PC.

The decision by the FATF to remove a country from the regular follow-up process is based on updated procedures agreed in October 2008. These procedures require a country to have taken sufficient and effective action to address the compliance levels of Core Recommendations 1, 5, 10, 13, SR II and IV and overall sufficient and effective action to address the compliance levels of Key Recommendations 3, 4, 23, 26, 35, 36, 40, SR I, SR III, SR V, where those Recommendations were previously rated as partially compliant or non-compliant. “Sufficient and effective action” is defined as a level essentially equivalent to compliant (C) or largely compliant (LC).

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