FATF Warns of Money Laundering Risks in Gambling Sector

The Financial Action Task Force (FATF) published a new report focusing on the gaming and gambling industry. The report analyzed money laundering, terrorist financing and proliferation financing risks associated with the gambling industry.

The FATF highlighted a number of risks, acknowledging the severe threat of unregulated, unlicensed offshore gambling. The FATF examined risks within land-based casinos, betting, gaming and online gambling, acknowledging the increasing number of platforms and payment channels that facilitate such activities.

The FATF said that lotteries, scratch-cards and other non-casino forms of gambling are considered less exposed to money laundering risks in certain jurisdictions. The FATF acknowledged that gambling and gaming platforms share structural similarities, although gaming platforms are less influenced or targeted by money laundering attempts.