Sweden is seeking to implement higher penalty fees for those that violate the country’s Money Laundering Act under fresh proposals tabled yesterday.
This adjustment would see the potential figure being imposed align with the maximum amount as that for violations of the Gambling Act, as the current figure is “many times lower”.
The proposal has been forwarded in a bid to strengthen consumer protection and better combat criminal activity.
In a memorandum, the country’s gambling authority, Spelinspekionen, has noted that the current arrangement is “unsatisfactory” as “in many cases” violations of the Money Laundering Act “can be considered more serious” than those of the Gambling Act.
Furthermore, alterations regarding telephone sales of gaming services have also been stipulated. This would see consumers only be able to participate after accepting a written set of terms. Any agreement that does not follow this protocol would be deemed void.
The changes to the law are proposed to enter into force on April 1, 2024.
“An effective system for measures against money laundering is central to countering organised crime. The gaming market is a sector with a high risk of money laundering,” said Niklas Wykman, Minister of Financial Markets.
“The proposal provides better opportunities to combat criminal activity in connection with gambling.”
This comes as Sweden prepares to usher in a B2B licensing regime, with a slew of five year permits, which will be valid from July 1, 2023, until June 30, 2028, having been issued ahead of the introduction.
Earlier this month, LeoVegas urged Swedish authorities to turn their attention to clamping down on parties that are “deliberately undermining” the licensing system “by facilitating unlicensed gaming”.
