Sweden Proposes Mandatory Cash Export Declaration Above 10,000 Euros to Combat Financial Crime

The Swedish government has introduced a proposal requiring all travelers carrying more than 10,000 euros, approximately 110,000 Swedish kronor, in cash when moving to or from another EU country to declare this amount to the Customs Authority (Tullverket). This regulation aims to tackle the increasingly problematic issues of money laundering and cash smuggling, which are closely linked to organized crime in Sweden.

According to Finance Minister Elisabeth Svantesson, the government sees this measure as a necessary step to combat serious criminal activities associated with unreported cash movements. If travelers fail to comply with the declaration requirement, they could face penalties, including fines. Additionally, Tullverket would have the legal authority to conduct body searches or inspect luggage if there is suspicion that the individual has not properly declared the cash.

This proposed cash declaration will apply not only to those leaving Sweden but also to travelers entering the country from other EU nations. The threshold set at 10,000 euros aligns with common European standards aimed at curbing illicit financial flows.

The government is expected to make a formal decision on the legislative proposal soon. This move reflects Sweden's commitment to strengthening its financial crime control framework and closing loopholes that facilitate money laundering and other illegal cash-related activities.

By mandating detailed cash export reporting and empowering customs officers with search authority, Sweden hopes to significantly reduce covert cash movements aiding organized crime networks.