FATF flags money laundering risks in gaming and gambling sectors
The FATF has issued warnings about significant money laundering and terrorist financing risks in the global gaming and gambling sectors.Summary
The Financial Action Task Force (FATF) has published new risk indicators to help governments and private entities identify and combat financial crimes in the gaming and gambling sectors. Key risks highlighted include illegal gambling, which often rivals the size of legal markets, and the vulnerability of modern payment systems like e-wallets and virtual assets to anonymous, cross-border transactions. The analysis, based on input from over 80 jurisdictions, notes that online platforms create complex ecosystems that can be exploited due to regulatory gaps and opaque ownership structures. The FATF warns of criminal infiltration of operators and links between gambling abuse and other crimes like cyber fraud and organized crime, urging stakeholders to watch for suspicious betting patterns and multiple accounts used for 'smurfing'.
(Source：The Hindu Business Line)