Operation Spring: How Swedish authorities took out Sweden's biggest narco bank

Magnus Sohlén
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Magnus Sohlén: Head of Unit, Action Groups, Section, Investigations Division, Stockholm Region, Swedish Police Authority, Sweden

Journal of Financial Compliance, 2023, vol. 6, issue 4, 346-356

Abstract: This paper is a case study of a multi-agency investigation of a currency exchange office that served as a bank for organised crime. The paper describes how the investigation was carried out, with inter-agency cooperation being a key factor in its success. The purpose of the paper is to inspire other law enforcement agencies to initiate this type of investigation, as exchange offices and hawala brokers act as facilitators for organised crime to transfer their criminal profits into new crimes, making it extremely important to combat them. The paper also highlights the need for supervisory authorities to be more effective in controlling these types of business activities as it is naïve to think that only criminal investigations will stop them. To achieve this, new legislation and better cooperation between authorities are needed.

Keywords: organised crime; hawala; money laundering; Sweden; the Financial Supervisory Authority (search for similar items in EconPapers)
JEL-codes: E5 G2 K2 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jfc000:y:2023:v:6:i:4:p:346-356

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