Swedish regulator joins national effort to combat money laundering

Swedish gambling regulator Spelinspektionen has joined forces with a number of its fellow national governing bodies and organisations on a joint effort to tackle terrorist funding and money laundering in the country.

The new initiative will act as a forum for exchanging both information and knowledge between all participating organisations, as well as identify, map and analyse the risks and methods for money laundering and terrorist financing. Other organisations that have committed to the national effort include Sweden’s Police Authority (Polismyndigheten), Tax Agency (Skatteverket) and Customs Service (Tullverket).

Bodies supporting the new effort will compile national risk assessments on how to best tackle issues related to such activities and also provide information to operators across their relevant markets as to how to support efforts to tackle these issues in Sweden.

Spelinspektionen will focus on how gambling can be exploited by money launderers and terrorist financiers, offering advice and guidance to other organisations involved with the initiative.

The regulator already carries out in-depth checks on applicants for gaming licences in the country, with operators required to demonstrate that they have controls in place to stop their sites being used to launder money.

“We are currently procuring a solution for verifying information on licence applicants' and licensees’ group structures, company information and ownership,” Spelinspektionen anti-money laundering compliance officer Fredrik Lindquist explained. “Currently, by constructing complex and cross-border structures with legal entities in different jurisdictions, one can hide the people involved and the origin of funds.”