Sweden has moved to tighten control over illegal financial activity, especially involving crypto. Justice Minister Gunnar Strömmer has asked law enforcement, the Tax Agency, and the Enforcement Authority to increase the seizure of criminal profits, including those held in cryptocurrency.
He instructed these agencies to implement the new seizure law, which will be effective from November 2024. This law provides power to officials to seize cryptocurrencies from resources and provides strength in the form of law, even without solid evidence of a specific crime.
If a person is unable to clarify how she received her property, the authorities may include her. Last year, a law was passed that aims to target illegal wealth with stricter measures. Strummer asked all departments to work together and focus on assets with higher values. The law has already helped confiscate property worth 80 million crowns.
Crypto platforms act like launderers
Officials believe that more can be done, especially since criminal groups hide profits using cryptocurrency. The authorities plan to crush the network that uses digital currency for drug trade and money laundering. The Financial Intelligence Unit and Police Authority reported that many crypto platforms work like professional money laundering services.
Their report also recommended that law enforcement agencies carefully monitor the cryptocurrency exchange. Strommer’s action arrives when some members of Parliament are pushing for the National Bitcoin Reserve. Lawmakers believe that the booked cryptocurrency can strengthen Sweden’s financial position.
Some people want confiscated Bitcoin to go directly to the central bank, Riksbank. They argue that it will help establish strategic digital asset storage for the country. However, the Ministry of Justice has not confirmed any specific plans for disposing of seized crypto. Public authorities are under pressure to quickly act.
Sweden fights crime with crypto rules
A study conducted in 2024 by Bloor’s Intelligence and Security Institute found more than 60,000 people affiliated with criminal networks in Sweden. Many of these people use cryptocurrency to transfer or hide their resources. Government officials have begun to see cryptocurrency not just as an investment but as a continuously developing tool for illegal activities.
The new law provides for the seizure of property based on doubts and unverifiable properties. The authorities do not need to prove that a person has committed a crime before the arrest of the assets. This change marks a major change in Sweden’s attitude towards fighting crimes.
The government leaders are confident that with more powers in hand to seize assets, it will disturb planned crime and will also safeguard the legal economy. Sweden’s message is very clear: wealth that cannot be explained, particularly in cryptocurrency, will not remain unobserved.
