Sweden’s Justice Minister, Gunnar Strömmer, has pledged to intensify efforts targeting illicit cryptocurrency holdings and other criminal assets, calling on law enforcement to make full use of new powers granted under a 2024 asset seizure law.
Swedish Justice Minister Gunnar Strömmer
Over $8.3 Million in Assets Already Seized Since Law’s Passage
According to a recent statement, Swedish authorities have confiscated over $8.3 million in criminal proceeds since the law came into force in November 2024. Strömmer now says it’s time to “turn up the pressure even more”, urging agencies such as the Swedish Police, Tax Agency, and Enforcement Authority to focus on cases likely to yield crypto assets, real estate, and luxury goods.
New Law Allows Seizure Without Conviction
Under the 2024 legislation, authorities can confiscate assets from individuals even if they are not directly targeted in a criminal investigation. Assets subject to seizure include luxury items, large sums of cash, and crypto holdings, if the individual cannot provide a legitimate explanation for their ownership.
“It will be possible to take assets with criminal origin from criminals, regardless of whether or not it can be proven that someone has committed an actual offence,” Sweden’s government said upon the law’s passage.
This proactive approach to crime prevention is aimed at tackling organized and violent crime, often financed through money laundering operations involving digital currencies.
Early Enforcement Sparks Controversy
The law has not been without pushback. In the first week of enforcement, Swedish officials reportedly confiscated nearly $1 million in goods. One high-profile incident involved a woman whose $137,000 in cash and Rolex watch were seized at Gothenburg-Landvetter Airport, as reported by The Economist.
Calls Grow for National Bitcoin Reserve
In a separate development, Swedish lawmaker Rickard Nordin has urged the government to consider adding Bitcoin as a national reserve asset. In an April letter, he proposed a “budget-neutral” model, suggesting Sweden follow the U.S. approach of retaining seized BTC instead of liquidating it.
The request followed a March executive order from U.S. President Donald Trump establishing a federal crypto reserve, which may be inspiring similar moves across Europe.
Sweden Takes Aggressive Stance on Crypto Crime
Sweden’s evolving approach signals a broader European trend toward tightening financial crime laws, especially as crypto continues to play a role in illicit finance. With enforcement expanding and political pressure rising, crypto seizures may become a key tool in Sweden’s fight against organized crime.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.