Swedish authorities consider cryptocurrency exchanges as professional money launderers

On September 24, Cointelegraph reported that the Swedish Police and the Financial Intelligence Unit (FIU) have classified cryptocurrency exchanges as "professional money launderers (PML) " after conducting an analysis of services provided by unlicensed and illegal providers.
According to the Swedish Financial Intelligence Agency, the Pakistan Muslim League has links to criminals and has enabled multiple individuals and criminal networks to systematically launder money. Based on an analysis of their essential characteristics, the Financial Intelligence Agency has classified the PML into four categories: node exchange providers, hawala exchange providers, asset exchange providers and platform exchange providers. The report calls on law enforcement to increase their involvement and regulation of crypto trading platforms to curb illicit services, adding: "The Swedish Financial Intelligence Agency assesses illicit cryptocurrency providers as an emerging threat in money laundering schemes and a key part of organized crime sustaining and expanding the criminal market."
On the other hand, Swedish authorities acknowledge that licensed legitimate cryptocurrency exchanges play a role in curbing money laundering without criminal intent. Swedish authorities urge these entities to observe suspicious transaction patterns among users and take necessary measures, including stopping transactions and withdrawing customers.