Sweden Proposes Mandatory Cash Export Declaration Above 10,000 Euros to Combat Financial Crime
Sweden plans to mandate declarations of cash amounts exceeding 10,000 euros for travelers to combat money laundering and cash smuggling linked to organized crime.
- • Travelers must declare carrying over 10,000 euros in cash within the EU crossing.
- • Failure to declare cash may result in fines and inspections by Customs.
- • Finance Minister Svantesson highlights combating serious criminal activity as the motivation.
- • Proposal includes customs authority rights to search individuals suspected of non-compliance.
Key details
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.