Thursday, January 20, 2005

Criminal Intelligence to Investigate Money Laundering Links with Betting

Crime team to investigate link with betting

The National Criminal Intelligence Service (NCIS - not to be mistaken for the US Navy's CIS and TV show of the same name!) will be undertaking an investigation to discover if criminals are using UK bookmakers for money-laundering, according to The Telegraph Online

There have been some reports recently that betting may be unknowingly "facilitating the laundering of ill-gotten gains or the funding of terrorist activities, anonymously, and without trace." and the government has asked NCIS to make a 'risk assessment' into bookmaking - which, because of a regulatory loophole, are excluded from the same money-laundering regulations applied to the financial industry and casinos

Whilst I can see the discrepancy between casinos and betting - there always will be one since they currently come under different government departments - with the huge increases in betting revenues making headlines and the gambling industry continually getting negative press, the undercurrent to blow any potential findings way out of proportion is already bubbling under

posted by jo @ 12:39 AM   0 comments

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