The Swedish government is moving to introduce significantly tighter regulations concerning cash transfers, aimed at combating money laundering and serious organized crime.
Under a new proposal, anyone traveling from Sweden to another EU country with more than 10,000 euros in cash (equivalent to approximately 110,000 kronor) will be required to report it to the Swedish Customs Administration. Failure to comply will become a criminal offense.
The 10,000 euro limit will also apply to trips into Sweden from other EU member states. Finance Minister Elisabeth Svantesson stated that this reporting obligation is necessary to crack down on cash smuggling, which fuels criminal activity.
The new law will grant Swedish Customs the authority to search individuals or baggage if there is suspicion that the law has been violated. The government is expected to finalize its decision on this referral shortly.
