Simply put
- The Swedish Justice Minister has urged national authorities to step up efforts to confiscate criminal gains, extending to cryptocurrencies.
- A forfeiture law established last year allows agencies to seize assets regardless of whether a crime has been proven.
- Supporters of the National Bitcoin Reserve are advocating for enhanced seizure activities.
The Swedish Justice Minister is calling for increased efforts from police and tax agencies to confiscate criminal profits, including those in cryptocurrency.
Gunnar Strömmer, a member of the Moderate party, has suggested that authorities should effectively utilize the forfeiture law initiated last November. This applies even if there’s no proof that an actual crime occurred.
This means that if authorities suspect someone of having illegally acquired cryptocurrency and that person “can’t explain where it came from,” the police can act legally to seize it.
“We want them to focus on assets that can enhance their cooperation and yield substantial returns,” Strömmer commented. “Now, we have to increase the pressure.”
He also mentioned that this law is among the strictest in Europe, and to date, it has led to the confiscation of assets valued at about $8.4 million (80 million kronors).
According to the Swedish Parliament’s description, this law “applies to minors and individuals with serious mental health issues at the time of the crime.”
Sweden and the Code
Strömmer’s appeal for heightened seizure efforts comes as some lawmakers in the Riksdag are advocating for the establishment of a national Bitcoin Reserve, following similar initiatives in the US and countries like the Czech Republic and Italy.
One supporter of the Bitcoin Reserve, Swedish Democrat Dennis Diukalev, stated that he backs Strömmer’s push for more aggressive seizure strategies.
“We welcome any initiative to confiscate unlawfully obtained assets to fight crime and complicate matters for criminals,” he said.
Diukarev has reiterated calls for the creation of strategic reserves, although it’s unclear how that will unfold in terms of digital assets.
He indicated that confiscated cryptocurrencies, especially Bitcoin, should be transmitted to Rixbank, Sweden’s central bank, to establish a strategic Bitcoin reserve.
However, when asked to clarify what actions Strömmer and the government intend to take regarding increased code seizures, there was no comment.
This lack of clarity extends to questions about how authorities will approach the strategies Strömmer mentioned.
As per the Bloomsbury Intelligence & Security Institute, 62,000 individuals are connected to the Swedish criminal network. In 2024, drug dealers and money launderers are notably utilizing cryptocurrencies.
Last September, a report from the Swedish police and financial information unit highlighted that some cryptocurrency exchanges are involved in professional money laundering.
The report also urged law enforcement to “steadily enhance its presence on various platforms used for crypto exchanges to identify and map illegal providers.”
