.NET Winform flash object transparency

I have an embedded swf object in my .net winform using the ActiveX flash control. My problem is, I can not seem to get a picturebox's background to be transparent over the object. FYI, the swf background is animated.

(cross is the image that has the white background, and the rest is an embedded .swf movie using the ActiveX control)

I have tried many things including (obviously) BackColor, Overriding CreateParams, OnPaint, OnPaintBackground, everything I have found on SO.

Is there any way to accomplish this?