The UK Gambling Commission (UKGC) and the Swedish Gambling Authority (Spelinspektionen) have signed a Memorandum of Understanding (MoU) to make their communication easier and to enhance the cooperation between the two gambling regulators.
As revealed in the joint statement of the organisations, the main objective of the recently agreed MoU is to support closer collaboration between the two governmental bodies, as well as to share the best practices on various areas, including regulatory policies and procedures.
The Memorandum of Understanding was brought into effect as of November 11th, 2019.
Spelinspektionen och Storbritanniens spelmyndighet, UK Gambling Commission har tecknat en avsiktsförklaring i syfte att stärka samarbetet. https://t.co/uEjJpJovP8
— Spelinspektionen (@lagligtspel) November 27, 2019
The CEO of the UKGC, Neil McArthur, shared that the UK gambling regulator maintains excellent relations with other gambling regulatory bodies around the world and the new level of interaction with the Swedish Gambling Authority would provide it with even more opportunities to address multiple regulatory issues, including with shared action when necessary and appropriate.
Camilla Rosenberg, the Director-General of the SGA, described the Memorandum of Understanding as an important agreement for both parties, as the two of them shared a common interest in many areas. According to Ms Rosenberg, the MoU would result in opening the communication channels between the authorities and would help them enhance their supervisory functions.
Earlier this year, Spelinspektionen entered into similar agreements with the Gibraltar Gambling Division and the Malta Gaming Authority.
The Two Gambling Regulators Share Areas of Common Supervisory Interest
Under the agreement, the two parties are set to work in collaboration to tackle various issues associated with gambling, including problem gambling, money laundering, etc.
The growth of gambling addiction rates has been found concerning by European gambling regulators over the last few years. Still, the latest report issued by the UKGC has found a 3% decline in gambling participation rates among young people in comparison to the rates measured for 2018. As revealed in the 2019 Young People and Gambling survey of the UK gambling regulator, 11% of individuals between 11 and 16 years old have gambled in the past seven days before the research using their own money.
The UK and Swedish gambling authorities have anticipated that their cooperation would be mostly achieved through constant, informal discussions complemented by thorough regular cooperation whenever needed. Also, both regulators shared they recognise the importance of close communication in regard to online gambling operators. The delivery of remote gambling services has been globalised lately, especially because of the constant development of technology and cloud services. According to the two regulatory bodies, this growth has highlighted the need for cooperation between international gambling regulators.
Now, under the recently-signed MoU, the British and Swedish gambling regulators would cooperate whenever necessary in regard to general policy and supervisory issues, as well as to matters associated with activities, operations and regulation of applicable online gambling providers. As mentioned above, the UKGC and Spelinspektionen would also address areas of mutual supervisory interest, including counter-terrorist financing (CTF) and anti-money laundering (AML).