Unless the Government puts more stringent controls in place, casinos may become the next big opportunity for money launderers.
That is the belief of KPMG Forensic, the fraud investigation consultancy.

UK casinos are not subject to the 1993 Money Laundering Regulations, and are thus not required to identify their clients and keep up-to-date records for anti-money laundering purposes. On top of that, the Government's recent agreement to a wide-ranging deregulation of casinos as part of its reform of the UK gambling laws may represent a further headache for law enforcers.

Internet gambling seems to have attracted the attentions of many 'businessmen' that the UK could do without, and there is a very real danger that a deregulated onshore casino industry could do the same.

Adam Bates, head of KPMG Forensic, said: "A proliferation of small casinos could well act as a magnet for criminal funds in the same way that the lower end of the unregulated Bureau de Change industry has done over the past decade."

Source

SMT