Swedish Gaming Authority to analyze risks of money laundering

Swedish Gaming Authority to analyze risks of money laundering

Swedish Gaming Authority to analyze risks of money laundering
The Swedish Gaming Authority has been instructed by the government to begin a further analysis of the gambling sector and determine the possible risks of gambling accounts being used for money laundering or associated criminal activity. AML has been an important part of the regulatory makeup of the country’s gambling framework, and it has been a priority for both the regulator as well as the government to ensure that criminals do not use gambling to conceal the source of ill-gotten funds. Spelinspektionen, as the regulator is known in Swedish, will have to come up with proposals as to how such risks can be prevented and stopped, as well as what socio-economic consequences could there be if a proposal is put into effect. One of the floated ideas is to add gambling accounts to the “safe deposit box system,” as well as take a closer look at what this could mean for the industry and consumers. The safe deposit box system is designed to allow authorities to quickly establish the identity of an account holder, and thus have the means to counteract potential fraudulent or criminal activity. The system is overseen and administered by the Swedish Tax Agency, which provides a dedicated platform making it possible for partner agencies and authorities to quickly verify the identity of a consumer, providing a comprehensive financial profile of the targeted account. The proposal submission process should be finalized by May 31, 2024, when the Spelinspektionen should have provided the government with its draft proposals for further deliberation. Earlier this month, Spelinspektionen renewed a Memorandum of Understanding it has with the UK Gambling Commission which aims to improve information sharing between the two regulators in a bid to transmit information about potentially law-breaking entities as well as learn from each other’s best practices in enforcing a robust and player-centric regulatory framework. Spelinspektionen also has similar Memoranda of Understanding with other jurisdictions, including Malta, Gibraltar, and the Netherlands, and the country is debating the introduction of a higher tax on the gambling industry which, industry bodies argue, could lead to higher offshore market channelization, as consumers seek more competitive offers elsewhere. Image credit: Unsplash.com

25 MAR 2024

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