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.
SiGMA Roadshow - Manila:
The SiGMA Roadshow is stepping up its game; now virtual, the webinar will take on a new jurisdiction every month, targeting a global agenda of gritty conference topics and a small, yet buzzing expo floor. Next up, SiGMA Group will be eyeing Manila on the 5th of May. This deal-making event is an exclusive opportunity to make connections and provide rocket fuel for your business, whether you're an operator, affiliate, or supplier. The Asian market is ripe for the taking, and the SiGMA Roadshow is for the savvy, forward-looking businessperson hoping to gain entrée into the region. Register now and join us for two engaging hours bursting with insightful conference content and new business opportunities.