The 2023 money laundering and terrorist financing risks within the British gambling industry
2 - Introduction
Regulation 17 places an obligation on supervisory authorities to carry out a risk assessment of their supervised sector. The Gambling Commission (the Commission) is the supervisory authority for casinos and this obligation is met by this risk assessment. The Commission will also use this risk assessment to inform HM Government of the level of risk of Money Laundering (ML) and Terrorist Financing (TF) within the entire British gambling industry.
There may be vulnerabilities and risks attributed to a particular gambling sector that cause it to become higher risk over time. Consequently, where a gambling sector can no longer be deemed low risk in terms of the National Risk Assessment, it will likely lead to their inclusion within the provisions of the Regulations.
A risk assessment is a key requirement to understanding the ML and TF risks that a business is exposed to. This is done through the identification, assessment, management and where possible, the mitigation to control and prevent ML and TF. By knowing and understanding the risks to which the gambling industry is exposed, HM Government, law enforcement, the Commission and operators can work together to ensure that gambling in Great Britain is a hostile place for money launderers and terrorist financers seeking to exploit it.
This risk assessment builds upon the previous one published in December 2020. It is therefore recommended that this year’s assessment should be read in conjunction with the previous risk assessment: Money laundering and terrorist financing risk assessment within the British gambling industry: 2020 as this previous publication provides further information on our previous risk ratings regarding the inherent risks within Great Britain’s gambling industry by sector.Previous section
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2023 money laundering and risks - The threat of money laundering and terrorist financing in the gambling industry
Last updated: 30 November 2023
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