Sweden to improve anti-money laundering measures

The gambling regulator from Sweden has announced a collaboration to fight money laundering.

Sweden.- Spelinspektionen, the Swedish gambling regulator, has revealed that it is one of the 16 authorities in Sweden that are working against money laundering and terrorist financing in the territory. The entities are fighting in coordination as money laundering and terrorist financing produce a national risk to Sweden.

The regulator said that the main role of this effort is to exchange information and knowledge between the participating organisations. It also aims to continuously identify, map and analyse risks and methods for money laundering and terrorist financing, and compile national risk assessments.

Furthermore, Spelinspektionen said that one of the tasks is to provide information to operators to contribute to their work against money laundering and terrorist financing.

The regulator will work to counter money laundering and financing of terrorism in the gaming sector, as it is believed that a gaming company can be used as a criminal tool as well. “Therefore, in our work, it is important to find out who holds or applies for a gaming license. A gaming company must also have good customer knowledge in order to counteract the use of gambling activities for money laundering or terrorist financing,” explained the regulator.

Fredrik Lindquist who works with supervision and money laundering issues at Spelinspektionen, said: “We are currently procuring a service for verifying information on licence applicants and licensees’ group structure, company information and ownership image. By constructing complex and cross-border structures with legal entities in different jurisdictions, one can hide the real principals and the origin of the money.”