The recent investigation conducted by the Swedish police has revealed that the gambling industry is the main environment for financial crimes, especially money laundering.
Although the country’s financial news confirms progress in the fight against the breach of the financial law, the gambling market creates a serious threat in terms of money laundering.
Operators are often used by criminals
According to the National Risk Assessment of Money Laundering and Terrorist Financing report, very often, gambling businesses get involved in financial fraud without even knowing about this. Interestingly, the operators that belong to the state are exposed to the risk to a greater extent. For example, Casino Cosmopol owned by Svenska Spel could obtain a license though it was suspected in money laundering cases.
The provided report can be considered as the call for the amendment to the current gambling regulations, which will restrict money transfers between players more tightly. The gambling law has to include the terms obliging operators to verify customers’ identity as the banks do. In addition to this, firms that operate in the gambling market have to submit reports to the Swedish Gaming Inspectorate.
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