Swedes seek to hike laundering fines

The Swedish gaming authority, the Spelinspektionen, has recommended higher fines for companies violating the country’s Money Laundering Act and sent a request to the Finance Ministry asking for a hike in the penalties.

It said in a statement: “The gaming sector can be an attractive way to try to launder money, including through access to game accounts, and large sums of money can be converted very quickly. Therefore it is important to create incentives for gaming companies to comply with the Money Laundering Act, with severe and dissuasive penalties for companies that do not follow the rules.

“Many of the gaming companies licensed in Sweden generate large sales and have a strong financial position. There are 10 large companies with licensed commercial online gambling and betting turnover of between 3.5bn kroner and 173m kroner in the first three quarters of 2019.”