Report suggests gambling accounts being used for terrorist financing and gambling businesses at risk of money laundering exploitation
According to the Sweden’s National Risk Assessment of Money Laundering and Terrorist Financing report, gambling in the country is noted to be at its ‘highest threat level’ of money laundering. Evidence suggests that various gambling accounts were being used for terrorist financing. The SiGMA Directory compiles some of the most trustworthy online casinos in the industry featuring our prestigious Certificate of Trust.
This report has been compiled by Sweden’s Coordination Function Against Money Laundering and Terrorist Financing group, stated that gambling businesses are often at risk of money laundering exploitation.
This report brought to light the country’s Gambling Act and called for change on account and safe deposit box systems.
At the moment authorities have control over accounts and safe deposit boxes when there’s a suspect of money laundering but does not have authority to oversee this for gambling accounts.
To counter money laundering and maximise oversight, it has been suggested that the Swedish Gaming Inspectorate oversees and regularly compiles reports on operators.
Sweden’s Gaming Act does not allow transfers between gaming accounts although some have found a way out to transfer money in other ways such us through poker losses. Most of the time this is deliberately done by the player.
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