Swedish gambling regulator the Spelinspektionen has announced a partnership with 15 other authorities in the country who have come together to fight money laundering and terrorist funding in Sweden.
The decision to forge a broader alliance comes after a new national risk assessment where challenges in curbing money laundering were identified, and it was found that there is a need for increased cooperation and collaboration amongst authorities.
The Spelinspektionen, the Swedish gambling regulator, explained in a statement to the press: “A gaming company could be used as a criminal tool. Therefore, in our licensing, it is important to find out who are the real principals of the gaming company that holds or applies for a 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.”
Fredrik Lindquist, who monitors and works for checking money laundering activities at gambling venues with the gambling regulator said: “We are currently procuring service for verifying information on license 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.”
Earlier this year, Sweden liberalized its gambling market and allowed overseas gambling and online casino operators to operate in the country. By March, the Swedish gambling regulator had approved around 73 such gambling licenses.