The GB Gambling Commission and the Swedish Gambling Authority (Spelinspektionen) have announced a new Memorandum of Understanding (MoU). The goal of the MoU is to boost the cooperation between the regulatory bodies. The agreement came into effect on November 11. As per the agreement both the regulatory bodies would work together to share the best regulatory practices and the procedures. Those primarily refer to regulatory policies and procedures. The two regulatory authorities will occasionally revise the MoU to evaluate the effectiveness of the agreement and put forward any proposed modifications.
Covering Multiple Fields
The agreement would make certain that the two regulatory bodies would work on the general policy and the supervisory issues. The statements suggest that policies like remote gambling operators. The two regulatory bodies would also cooperate on the matter of anti-money laundering and counter-terrorism financing. The cooperation would also extend to betting, gaming, and other transactional data. There has been an agreement that both the regulatory bodies would share information that can have an impact on the remote gambling operator or on the enforcements or regulatory actions.
Sharing Good Practice
With the aim to raise standards for alternate dispute resolution (ADR) and consumer interaction, the UKGC altered the License Conditions and Codes of Practice (LCCP). The adjustments came into effect starting October 31.
GB Gambling Commission chief executive Neil McArthur commented on the MoU as follows:
“We have excellent relations with other gambling regulators from across the world and our new link up with the Swedish Gambling Authority will give more opportunities to share good practice on a whole host of regulatory issues, cooperate closely and take shared action where appropriate.”
In March Spelinspektionen, entered MoU with Malta Gaming Authority (MGA) to develop their cooperation, by working on their public policy objectives, and mutually common values.
In May the same agreement was inked with the Gibraltar Gambling Division this year, enabling two parties will formalize its cooperation and work together on various projects. The Memorandum will help both institutions establish the provisions for sharing the information on matters of mutual interest, as well as on policy areas.
Camilla Rosenberg, director-general of Spelinspektionen declared on MoU with UKGC:
“This is an important agreement for us. We have common interests in many areas. By opening the communication channels between the authorities we become stronger in our supervisory activities. This is the beginning of broad and long-term cooperation.”