Ukgc Calls On Operators To Fight Money Laundering

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January 14, 2022
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The british gambling commission (ukgc) reminded licenses about their responsibilities related to the fight against organized crime and money laundering, detailed in the 2005 gambling law.

UKGC calls on operators to fight money laundering

Ukgc has published its guide to prevent money laundering and financing terrorism and called on gambling operators to participate in the fight against these phenomena. In particular, the regulatory authority referred to the 2005 gambling law, which refers to the principles with which licensees are guided by working in the uk.

«The use of money in the casino, regardless of the amount, is equivalent to laundering money, if the person using or receiving funds knows or suspects that this income received from a perfect crime», – explained representatives of the commission in the document entitled «preventing money laundering and the fight against terrorist financing: guide for online and ground casinos».

According to ukgc, the crimes associated with money laundering can be performed as a client and casino employees, depending on their level of knowledge or suspicion.

As for operators’ duties, ukgc quoted three licensing principles that must be respected in accordance with the 2005 gambling law:

  • Gambling shold not be a source of crime or riots.
  • No gambling operator may be associated with criminal activities.
  • Ensuring that business structures or operator products cannot become a tool for supporting crime.

«Failure to comply with the requiers of legization, for example, ignoring cases when customers spend money obtained by criminal means can lead to criminal penalties», –ukgc representatives stressed.

Earlier, the british gambling commission reported on the development of a new strategy aimed at reducing harm from gambling.

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