Swedish report says gambling is biggest money laundering threat

04/21/21

A national risk assessment prepared by the Swedish police found gambling to be the biggest money laundering threat in the country.

Sweden.- The Swedish police force’s National Risk Assessment of Money Laundering and Terrorist Financing report has found that gambling constitutes the “highest threat level” for money laundering in the country.

The report from the police authority’s Coordination Against Money Laundering and Terrorist Financing group said gambling operators were often unknowingly at risk of being exploited by money launderers.

It found that Sweden’s state-owned casinos, run by Svenska Spel’s Casino Cosmopol, and online gambling constituted particularly high risks.

Casino Cosmopol has received a new five-year licence despite previous concerns over money laundering.

Calls for changes to Sweden’s Gambling Act

The report warned that while Sweden’s Gaming Act prohibits transfers between gaming accounts, players can transfer money in other ways, for example, via deliberate losses in poker.

The report calls for the Gambling Act to be amended so that authorities can force gambling companies to identify account holders in a similar way to how the authorities can demand banks provide account and safe deposit box details.

It also recommended that operators be required to make periodic reports to the Swedish Gaming Inspectorate.

In this article:

Gambling gambling regulation