Sweden Pushes for Increased Crypto Seizures to Combat Crime

Sweden’s Minister of Justice has urged the country’s authorities to intensify their efforts to seize criminal profits, with a particular focus on cryptocurrency. This call comes as part of a broader initiative to leverage forfeiture legislation introduced last November, which allows enforcement agencies to seize property even if it cannot be proven that an actual offense has been committed. This legislation is considered one of the strictest in Europe and has already been used to seize property worth $8.4 million.

Gunnar Strömmer, of the Moderate Party, emphasized the need for increased cooperation among the police, Tax Agency, and Enforcement Authority. He stated, “We want them to strengthen their cooperation and focus extra on assets that generate large profits. Now it's a matter of turning up the pressure further.” The new legislation applies to all individuals, including children, young people, and those with serious mental disorders at the time of the offense.

Strömmer’s call for increased seizure activity coincides with legislative efforts to establish a national Bitcoin reserve, similar to initiatives in the United States, Czechia, and Italy. Dennis Dioukarev, a Sweden Democrat and prominent advocate for a Bitcoin reserve, supports Strömmer’s call. Dioukarev stated, “I welcome every effort to seize illegally obtained assets in order to fight crime and make life hard for criminals.” He further suggested that confiscated cryptocurrencies, particularly Bitcoin, should be transferred to Sweden’s central bank, the Riksbank, to build a strategic reserve.

However, when asked about the specific actions the Swedish government plans to take to increase crypto seizures, Minister Strömmer’s press office declined to comment. This lack of clarity extends to questions about what will be done with seized digital assets. Despite this, the push for increased seizure activities is seen as a critical step in combating criminal networks that utilize cryptocurrency for illicit activities.

Last September, a report by Sweden’s Police Authority and Financial Intelligence Unit highlighted the significant role of cryptocurrency in money laundering and drug dealing. The report called for law enforcement to increase its presence on various crypto exchange platforms to identify and map out illicit providers. This initiative aims to disrupt the financial networks that support criminal activities, making it more difficult for criminals to profit from their illicit endeavors.