Guidance
The 2023 money laundering and terrorist financing risks within the British gambling industry
The Gambling Commission's money laundering and terrorist financing risk assessment for the British gambling industry in 2023.
1 - Introduction to Methodology
The reporting period for this risk assessment is 1 June 2020 to 31 March 2023. The risk assessment has been developed in consultation with sector and/or industry specialists.
The Gambling Commission has adopted a methodology based on the Financial Action Task Force (FATF) Guidance on Money Laundering and Terrorist Financing Risk Assessments. FATF sets the global standards for anti-money laundering and counter-terrorist financing1.
It is important to note that the Commission’s assessment of risk within each sector or theme is considered in the context of the British gambling industry and not in comparison to other British industries regulated under the Money Laundering Regulations, for example, the retail banking sector2. Furthermore, the Commission may not have access to the confidential source materials available to HM Treasury and the Home Office when they produce the National Risk Assessment, limiting our assessment to our own data and specialists, and sources that are available externally.
References
1 FATF Guidance “National Money Laundering and Terrorist Financing Risk Assessment” February 2013.
2 The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
Stages of the money laundering and terrorism financing risk assessment
Last updated: 13 June 2024
Show updates to this content
Formatting updated.