Gambling Regulators Combating Money Laundering

Published Saturday, December 01, 2018 -
Gambling Regulators Combating Money Laundering

Malta has a lot invested in the online gambling industry and it is being called on the mat for not being strong enough when it comes to regulations based on fairness and issues related to money laundering. The United Kingdom Gambling Commission has been vigilant making online gambling operators aware of the responsible need to be compliant.

The U.K. Gambling Commission has been fining operators who violate the rules of engagement. The British regulatory body said it would not tolerate breaches of the strict the anti-money laundering laws. In Malta, anti-money laundering scrutiny does not fall within the concern of the Malta Gaming Authority but under purview of the Financial Intelligence Analysis Unit.

Earlier this year, the Malta Gaming Authority withdrew the licences of Maltese companies owned by Italian businessmen because of suspected issues with funds. Two Maltese online gambling operators were fined by The UKGC recently for failing to comply with the rules regarding money laundering.   

The writing is on the wall for other online betting operators they are being warned and via the authorities informing them they are being investigated. It is a sure bet these money laundering companies will find another way to render clean the ill gotten cash. Online gambling firms are on the watch list for this extremely difficult problem facing the gambling industry. Media in Malta reported  Casumo, based in Swieqi and owned by a mere 58 shareholders was fined €6.5 million by the UKGC and CZ Holdings of Birkirkara, decided to voluntarily surrender its licence in the U.K.

The firms in question were primarily owned by Swedes and Maltese nationals. The UK regulator said that, Maltese companies were not the only ones being looked at with six more companies under investigation.

Gambling Commission CEO, of the Gambling Commission, Neil McArthur, said the regulator’s  announcement and fines would make all online gambling operators, “sit up and pay attention as our investigators found that a large number of operators and their senior management were not meeting their obligations.”









Related news

Return to Latest News