Spelinspektionen to Assess Accounts Used for Criminal Activities

According to a new government mandate from the Swedish authorities, the country’s gambling authority, Spelinspektionen, has been asked to assess all the risks tied to gambling accounts that are used for money laundering and other similar types of criminal activities. 

Proposals to Be Drafted After the Assessment

At the end of the thorough reviewing process prompted by task Fi2023/03186, the Swedish Gambling Authority, responsible for guaranteeing the legality, safety, and reliability of the country’s gaming and gambling market, will draft a series of proposals based on Sweden’s socio-economic landscape. 

The drafts will explain whether there is an additional need to strengthen the current regulatory framework against the respective risks and also how to counteract these potential risks. 

Spelinspektionen’s assignment will also need to evaluate whether gambling accounts should be covered by the account and safe deposit box system while analyzing the possible effects of gambling accounts added to the system.

The perspective system has been created to simplify the authorities’ access to information regarding the identity of holders of accounts and safes at financial companies. 

The Swedish Tax Agency currently displays Mechanism, which is a technical platform that offers connected authorities the chance to directly and immediately get the information they need regarding accounts and safe deposit boxes at credit institutions and investment companies.

The results of the tasks will need to be reported to the Government Office by May 31, 2024, at the latest.

Cost Calculation Necessary 

The assignment also stated that Spelinspektionen needed to report a calculation of the extra costs triggered by the expansion of the account and safe deposit box system in such a manner that it would also include gambling accounts.

The authority had by March 15, 2024, to report the calculation by relying on data gathered from the Swedish Tax Agency and making sure that the expansion would occur cost-effectively. 

The calculation was reported to the Ministry of Finance on March 7, 2024. 

In mid-January, the Swedish Gambling Authority inked a memorandum of understanding with the International Betting Integrity Association that would allow the duo to share information regarding suspicious betting activity identified during Swedish sporting events.

In September, the country’s government proposed a rise in the money allocated to the Spelinspektionen and Finansinspektionen for 2024 following plans to improve the supervision of the gambling market.
Two months later, Spelinspektionen gave the green light to proposals asking for increased customer protection and a crackdown on financial crime in the gambling industry.