Government Mandate: Actions to Counter the Use of Gambling Accounts for Criminal Activity

March 24, 2024 | money-laundering

Strängnäs, Sweden (March 22, 2024) — In government task Fi2023/03186, the Swedish Gambling Inspectorate must analyze and describe the risks of gambling accounts being used for money laundering or other criminal activities. If there is a need, the Gambling Inspectorate must draw up proposals to counteract such risks and analyze the socio-economic consequences of the proposals.

The assignment also includes looking at whether gambling accounts should be covered by the so-called account and safe deposit box system, as well as looking at possible effects of gambling accounts being added to the system. The government assignment must be reported in its entirety to the Government Office by 31 May 2024 at the latest.

The assignment also states that by March 15, 2024, the Swedish Gambling Inspectorate must report a calculation of the costs for expanding the account and safe deposit box system to include gambling accounts. The data for the calculation must be obtained from the Swedish Tax Agency, and the starting point for the calculation must be that the expansion can take place in a cost-effective manner. On March 7, 2024, the Swedish Gaming Authority reported this calculation to the Ministry of Finance.

The account and safe deposit box system

It is important that authorities can quickly establish the identity of holders of accounts and safes at financial companies. The account and safe deposit box system was introduced with the aim of streamlining the authorities’ access to this information. The Swedish Tax Agency provides a technical platform called the Mechanism which, at present, gives connected authorities the opportunity to directly and immediately receive information about accounts and safe deposit boxes at credit institutions and investment firms.

SOURCE: Spelinspektionen.

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