More money laundering in gambling

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Peter Brandt 26. August 2020

The reported suspected cases in the area of money laundering rose by 49% compared to the previous year. The terrifying numbers come from the current annual report for 2019 by the Financial Intelligence Unit (FIU). The already extreme increase in the suspected cases of money laundering is even a lot higher in the transactions in the non -financial sector. According to the anti-money laundering authority, the serious increase is primarily due to the gambling area.

The latest annual report on money laundering shows terrifying numbers when the reported suspected cases are increased. ((© Alex_fotos/Pixabay)

Gambling sector plays a crucial role in the suspected reports

The one published on August 18th FIU annual report 2019 gives a clear insight into the distribution of suspected reports and their industries. Of the total of 114,914 reports, only approx. 1.3 percent from the non -financial sector, compared to other industries, the increase in this sector is particularly high with around 150 percent. The majority of gaming organizers and gambling brokers come here. According to the anti-money laundering authority, the attempt to undergo money is particularly high at such events.

If you compare the numbers of the last two annual reports, the increase becomes particularly clear. In 2018 there were only 24 suspected reports From the gaming sector. In 2019, the number was already increasing at 116. A large part of the reports were registered in the electronic reporting system for suspected money laundering reports of the FIU. In 2018, 45 obliged people from the gambling sector were still obliged. In 2019 there were already more than 300.

What does the American money laundry law say? The American Money Laundering Act (GWG) obliges numerous industries and professional groups to prevent money laundering. Among other things, all organizers of gambling, whether land -based or online. In order to enforce prevention, those affected must report all transactions that contain the possibility of money laundering. The corresponding suspicion report can be addressed directly to the central office for financial transaction examinations (FIU), which is subject to customs. In the FIU, the reports are then recorded, processed and evaluated.

Working in the field of sensitization must not let up

The head of the Financial Intelligence Unit, Christof Schulte, was pleased with the growing number of reported suspected cases, however, pointed out in the same way that the fight against gold wash was far from winning. In a detailed statement, he commented on the current annual report as follows:

“The tendency of the continuously increasing number of suspected reports transmitted to the FIU shows that the extensive awareness and coordination measures of the FIU have a effect. The attention of the obligated to identify of conspicuous facts in connection with possible money laundering and terrorist financing grows noticeably. The risk -based approach and the associated legal filter function of the FIU – both also include the standards of the Financial Action Task Force (FATF) – is of particular importance: only the factual facts are actually passed on to the responsible law enforcement authorities in order to Available resources in law enforcement efficiently to concentrate on them.

This makes it clear that we will only succeed through a common and powerful approach of everyone involved-i.e. both with the national partners and in the globally networked FIU network-to combat global money laundering and terrorist financing and to be able to use international criminal networks lay. Despite the increase in suspicion reports in the area of the non -financial sector, I still find the number of reports – especially against the background of the money laundering risks, which are also in this sector – are still not sufficient here. That is why we still remain active together with the responsible supervisory authorities in order to further sensitize the committed groups of the non-financial sector.

In addition, the increasing reports in connection with cryptocurrencies show that in view of this development, we will also investigate more transactions that were carried out under the use of new payment technologies with regard to money laundering and terrorist financing. It is particularly important to me here that we continue to align ourselves with regard to the identification of new typologies and trends and continue to develop continuously. ” –Christof Schulte, Head of the Financial Intelligence Unit (FIU), Statement on the 2019 FIU annual report

Particular attention must be paid to Online segment of gambling lie. According to the FIU, online gambling and betting are considered a risk center with its numerous forms of execution. The origin and use of the funds used can be hidden particularly effectively here. This affects smaller sums of up to 2,000 $ .