How Money Laundering Works In Online Gambling

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Gambling has always been a magnet to people intent on processing the proceeds of crime – in short, money laundering.

This is an industry characterized by huge sums of money moving from place to place at dazzling speed.

The potential for it to be used as a vehicle for transforming filthy lucre into untraceable, clean cash will always be there.

However, law enforcement agencies are more determined than ever to tackle crime by cracking down on money laundering. And many have their sights firmly trained on betting operators.

The UK Gambling Commission warned five online casinos in 2018 they could lose their licenses. They were not doing enough, the commission said, to stop criminals using their websites to launder money.

But whatever measures the authorities and betting operators impose, the online gaming market is now worth $170 billion a year.

That makes the challenge to eradicate money laundering a huge one – and means the temptation for criminals to use it for that purpose remains equally large.

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