Sweden has ordered six government agencies, including the national police, tax authority (Skatteverket), and enforcement agency (Kronofogden), to ramp up efforts to seize illicit assets such as cryptocurrency, luxury items, and real estate held in corporate structures, as part of a broad crackdown on unexplained wealth.
Justice Minister Gunnar Strömmer said the government wants authorities to intensify collaboration and prioritize asset seizures in cases with potential for significant financial recoveries.
The directive follows the implementation of Sweden’s new asset forfeiture law, which took effect in November 2024 and allows authorities to seize property from individuals unable to explain the legal source of their wealth, even in the absence of a criminal conviction.
The law has so far led to the confiscation of more than 80 million kronor ($8.3 million), including cash, watches, and other valuables.
“Now it’s time to turn up the pressure even more,” Strömmer told Dagens industri, adding that Sweden’s new legislation is among the strongest in Europe.
Under the law, authorities can seize assets such as bank funds, digital currencies, and physical goods if they appear grossly disproportionate to a person’s income and cannot be justified with verifiable documentation.
The government has said the measure is intended to disrupt criminal networks by targeting the financial incentives behind organized crime.
However, the law has sparked debate over civil liberties. Critics argue that it undermines the presumption of innocence by allowing property seizures without requiring proof of criminal activity.
In one widely cited case, a woman passing through Gothenburg-Landvetter Airport reportedly had $137,000 in cash and a Rolex watch seized, despite no formal charges.
Meanwhile, some Swedish lawmakers are pushing for authorities to retain confiscated cryptocurrency, particularly Bitcoin, as part of a broader national digital asset strategy.
In April, MPs proposed that Sweden accumulate Bitcoin either through direct purchases or by holding onto seized BTC instead of liquidating it, an approach modeled after the U.S. government’s move to create a crypto reserve under an executive order signed by former President Donald Trump in March.
Proponents argue Bitcoin could serve as a modern hedge akin to gold, particularly during economic instability. Finance Minister Elisabeth Svantesson has yet to respond publicly to the proposal, which remains under consideration.
