Criminals are raking in as violent crime soars in Sweden

Economic crime has increased sharply in Sweden in recent years, and Swedish society is paying the price.

According to estimates, criminals in Sweden earn 100 to 150 billion SEK (8.8 to 13.2 billion euros) annually, Swedish state television SVT reports. A new police report shows that the crime economy is taking a huge toll on society.

That money, if sent to the real economy, could triple child benefits for all Swedish families with children, the report said. Annika Öhmark, criminal economy coordinator in the East police region, says things will get worse before they get better, although she remains optimistic about the future.

In addition to black market money creating unhealthy competition, the growing criminal economy is also directly linked to the increase in murders, shootings and explosions that Sweden has seen in recent years.

Fraud is estimated to be the largest source of income for criminal gangs, who use extortion and threats to collect fictitious fines or debts. About 9,000 extortion crimes were reported last year, 30 percent more than in 2022.

Öhmark says that “they deceive others to assist in money laundering.” A video clip on the portal tells how a business couple from Norrköping defrauded 15 people, all elderly and disabled, of several million Swedish crowns and used the money to buy luxury items or pay off debts to criminal gangs.

A new law is expected to be passed in November that will give police new tools to recover the proceeds of crime from criminals.

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“We know that if we arrest one person, several more are lining up to take power. So we must continue to take action against the networks and cooperate with other actors, both external and internal,” says Öhmark.

Money laundering is also a problem: the Ecocrime Agency estimates that 130 billion Swedish krona (11.4 billion euros) is laundered in Sweden every year. Police say money laundering saw a 24 percent spike between 2022 and 2023 alone.