Sweden warns of rising money laundering risk in gambling

Added: April 22, 2021

Police in Sweden has stated that gambling is currently at the highest threat of money laundering in a report for National Risk Assessment of Money Laundering.

This national report is composed of many discoveries by the country’s group for Coordination Function Against Money Laundering, which was brought together by the local police, and mentioned that gambling companies and operations are almost always at risk of money laundering exploitation. The risk was mostly pointed out at state-owned casinos and iGaming facilities.

Despite the fact that the country’s Gaming Act forbids transfers between gaming accounts, the report also stated that money is able to be transferred through different methods, such as deliberate poker losses. The group has also revealed some evidence which proposes that gambling account are being utilized for financing terrorist groups.

In order to stand against money laundering, the report mentioned that modifications need to be made in Sweden’s Gambling Act.

At the moment, the Swedish authorities possess the ability to point out all of those who hold bank accounts and safe deposit boxes whenever money laundering is suspected, however this can’t be done for gambling accounts.

Aside from that, the report further stated that periodic reporting is recommended from operators to the Swedish Gaming Inspectorate to halt the possibility of money laundering and improve administration. Last month, it was revealed by Sweden’s Financial Police that the country flagged 700 cases of money laundering throughout 2020.

gambling, Sweden