The 2023 money laundering and terrorist financing risks within the British gambling industry
3 - The threat of money laundering and terrorist financing in the gambling industry
The Money Laundering (ML) and Terrorist Financing (TF) threats that the gambling industry faces are diverse, complex and are rapidly evolving.
Money launderers and terrorist financers use similar methods to store, move and obtain funds, although their motives differ.
If left unimpeded, the threats may result in:
- significant potential for exploitation for the purposes of ML and TF
- significant potential for criminal exploitation and detriment to society
- a major threat to the business environment and wider industry
- potential for serious breaches, that can lead to significant penalties, fines or sanctions with punitive outcomes
- increased costs to implement Anti Money Laundering (AML) and Counter Terrorist Financing (CTF) controls which could potentially amount to a significant part of an operator's budget
- international concern, resulting in governmental inquiry or sustained adverse national and international media coverage
- critical failure of gambling operations and businesses such as the survival of the operator is under imminent or severe threat, ultimately harming consumers or negatively impacting the gambling industry.
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2023 money laundering and risks - Regulatory framework
Last updated: 30 November 2023
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