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Swedish authorities have identified specific cryptocurrency exchanges as significant players in aiding organized crime, based on four unique money laundering profiles.
The Swedish Police Authority, in collaboration with the Financial Intelligence Unit (FIU), has classified these exchanges as “professional money launderers (PMLs)” after evaluating the services offered by unlicensed and illegal operators.
According to the FIU, PMLs have ties to criminal activities, allowing individuals and networks to systematically launder funds. They’ve categorized these PMLs into four groups based on their operational characteristics: node exchange providers, hawala exchange providers, asset exchange providers, and platform exchange providers.
Monitoring cryptocurrency exchange platforms The report emphasized the need for more active law enforcement involvement on crypto trading platforms to counteract illegal activities, stating:
“The FIU Sweden considers illicit cryptocurrency providers a growing threat in money laundering schemes and a key component for organized crime to sustain and expand their criminal enterprises.”
At the same time, Swedish authorities recognized the positive role of licensed and legitimate crypto exchanges in fighting money laundering. They encouraged these platforms to monitor suspicious user activity and take necessary actions such as halting transactions or terminating customer accounts. Sweden continues to crack down on illegal cryptocurrency operations, with Bitcoin mining recently falling under scrutiny.
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Sweden recovers unpaid taxes from Bitcoin miners Between 2020 and 2023, the Swedish Tax Agency investigated 21 crypto-mining companies and found irregularities in many of their tax filings.
The investigation revealed that 18 mining firms had submitted “misleading or incomplete” tax returns in an attempt to evade value-added tax (VAT). The agency explained that this practice results in lost tax revenue due to incorrect VAT filings, unpaid VAT on profits, and unreported crypto assets.
The tax authorities issued a $90 million demand to these firms, which was subsequently challenged in court. While most appeals were rejected, two companies had their penalties reduced after the court reviewed their cases.
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