Sweden’s government has proposed an increase in the money allocated to the Spelinspektionen and Finansinspektionen for 2024. As the country seeks to strengthen the supervision of the gambling market, it proposed to allocate SEK 10.8 million (around $970,000) to the gambling authority’s 2024 budget.

The government plans to further support the Spelinspektionen, providing it with SEK 15.6 million ($1.4 million) in 2025 and SEK 18.5 million ($1.66 million) in 2026. Under the proposal, the Finansinspektionen, on the other hand, will receive SEK 4.5 million ($400,000) in 2024.

The efficiency of Sweden’s action against harm will also depend on the Spelinspektionen’s cooperation with the Finansinspektionen, the government noted.

The Spelinspektionen and Finansinspektionen Should Cooperate

Sweden believes that gambling-related fraud, such as illegal offerings and the manipulation of professional sports games is something that benefits criminal networks. In addition, players in the black market are exposed to high risks of falling victim to fraud or developing problem gambling behavior.

Acknowledging these problems, Sweden seeks to crack down on fraud, banning illegal operators from the country and counteracting match-fixing.  Sweden hopes that its crackdown on fraud will help it meet the requirements of the Macolin Convention.

According to the Swedish government, the money allocated to the Spelinspektionen will help it improve its supervisory capabilities. The cooperation with the Finansinspektionen, on the other hand, will create new opportunities, allowing the gambling regulator to block payments to and from illegal gambling companies, Financial Markets Minister Niklas Wykman said.

The extra money allocated to the Finansinspektionen will incentivize cooperation between the two regulators, allowing them to join forces and block payments related to illegal gambling.

Sweden’s Sports Minister, Jakob Forssmed, also commented on the matter, addressing the threat of match-fixing to professional sporting events. Forssmed believes that the extra money will help the Spelinspektionen shield Swedish sports from illicit activities and match manipulation.

In the meantime, the Swedish Trade Association for Online Gambling (BOS) just addressed the recently proposed changes to the Money Laundering Act. The body expressed approval of the proposal to increase fees for AML violations but listed a few things that the government should take in mind, should it implement these new measures.

The BOS praised the Ministry of Finance’s decision to base fees on gambling companies’ gross gaming revenues, saying that this will introduce a much-needed proportionality to how AML violations are handled.

Earlier this month, the Spelinspektionen published information about Swedish gambling companies’ performance in the second quarter of the year.

The post Sweden Proposes Allocating More Money to Spelinspektionen Starting 2024 appeared first on Keno Wizard.