The Swedish Gambling Authority, Spelinspektionen, has released an evaluation of its initiatives to combat illegal gambling in the country. This assessment, mandated by the government, signifies a collaborative effort between Spelinspektionen and the Swedish Financial Supervisory Authority. The report is rooted in the 2021 National Risk Assessment of Money Laundering and Financing of Terrorism, which categorized the Swedish gaming market as high risk due to its potential for moving substantial sums of money, particularly through unregulated platforms. This assessment outlines the coordinated approach adopted by both authorities to address this issue, with a focus on improving financial conditions and mitigating money laundering risks.
High Money Laundering and Terrorism Financing Risk:
The 2021 National Risk Assessment identified the Swedish gaming market as posing a high risk, primarily due to the ease of transferring significant amounts of money, especially via unregulated gambling sites.
Collaborative Efforts:
Spelinspektionen and the Swedish Financial Supervisory Authority engaged in a series of meetings throughout the year to enhance financial conditions and combat illegal gambling.
Joint Work Plan:
A fundamental aspect of their collaboration was the creation of a joint work plan, encompassing elements like establishing contact points, sharing knowledge, and identifying risks.
Information Sharing:
The report emphasizes the importance of sharing information about operators and their customers between the authorities, enabling more effective regulatory oversight.
Focus on Payment Services:
The assessment identifies payment services as a critical enabler of illegal gambling activities, particularly by unlicensed operators.
Both authorities aim to strengthen collaboration to enhance their supervisory capabilities and block payment mediation to and from illegal gaming activities.
Mutual Knowledge Exchange:
Spelinspektionen will leverage the Financial Supervisory Authority’s expertise in understanding payment markets.
The Financial Supervisory Authority, in turn, will seek knowledge from Spelinspektionen regarding the gambling industry.
Spelinspektionen’s assessment reflects a proactive approach to combat illegal gambling and money laundering risks in Sweden. The collaborative efforts between Spelinspektionen and the Swedish Financial Supervisory Authority highlight the commitment to addressing these challenges comprehensively. By sharing information, identifying facilitators of illegal gambling, and enhancing cooperative efforts, the authorities aim to bolster their supervisory capabilities and maintain the integrity of Sweden’s financial and gaming sectors. This unified approach underscores their dedication to addressing high-risk factors in the gaming market and reinforcing anti-money laundering measures.