The Swedish police has warned that gambling is at its “highest threat level” of money laundering in the country’s National Risk Assessment of Money Laundering and Terrorist Financing report.
The report, which was compiled from findings by Sweden’s Coordination Function Against Money Laundering and Terrorist Financing group, organised by the police authority, said gambling businesses are often unknowingly “at risk” of money laundering exploitation.
Gambling at state-owned casinos and online gambling were highlighted as areas where the risk was especially high.
Although Sweden’s Gaming Act prohibits transfers between gaming accounts, the report warned that money can be transferred in other ways – for example, deliberate poker losses.
The group also found evidence to suggest that gambling accounts are being used for terrorist financing.
To counter money laundering, the report called for a change in the country’s Gambling Act on account and safe deposit box systems to include gambling ..