Other news from the industry watchdog, the UKGC has confirmed that it has re-appointed Trevor Pearce to its BOD (Board of Commissions) for his second term for another four years, which will end on the 30th of June of 2023.
The Gambling Commission of the United Kingdom has issued the 4th editions of its guidance regarding battling terrorism funding and money laundering. In this guidance, the commission highlighted the great responsibility of the gambling operators, and the action they have to take. In the 100 page document, the regulator stated that it expects that those who have licenses form the UKGC have t put specific policies and controls that would cover the risk of terrorist funding and money laundering. The document also clearly states that using any amount of money, which results from a crime, qualifies as money laundering. The same goes for accepting the money from such players or suspecting that the money is from the proceeds of a crime, which shows that the responsibility goes both ways. Therefore, money-laundering is a crime that can be committed by both, the casino employees and customers, depending on their level of suspicion or knowledge about the source of the money.
The report follows the FATF recommendations regarding money laundry. The Financial Action Task Force is a European inter-governmental entity who is responsible for setting the standards on battling money laundering and combating the funding of terrorism. The UKGC also showed that when it comes to money-laundering in casinos, there are two forms. The first one is the classic type, in which people use stolen money, or the proceeds of a crime to make a legal transaction at the casino, to get back clean money. The other form is Criminal Spend, in which criminals use that money as a form of leisure at casinos.
The guidance report also showed the roles of the operators in battling against corruption and money laundering and stressing on the fact that they have to abide by the three main licensing principals that were in the Gambling Act of 2005. These principals state that the operator cannot associate itself with any criminal activity and that there is no threshold when it comes to suspect the source of the funds. It also highlighted that the executive level of the establishment has to be aware of the procedures and be involved in them.
Other news from the industry watchdog, the UKGC has confirmed that it has re-appointed Trevor Pearce to its BOD (Board of Commissions) for his second term for another four years, which will end on the 30th of June of 2023. Pearce has forty years of experience in the field before the UKGC at the Constabulary of Kent County in addition to the National Crime Agency and National Crime Squad. The resume makes it abundantly clear that he spent most of his career life in intelligence and specialist investigation roles.
He is going to bring massive experience from running complex and successful organizations, besides developing the strategies needed to tackle organized and international crime, as most of his expertise lies in intelligence and investigation regarding anti-money-laundering. The re-appointment follows the commission’s announcement to open a channel for consultation to develop safer gambling through protocols and structures, which is going to be open to all stakeholders until March of this year. Such discussion emphasizes the importance of developing vital research to prevent problem gambling and treating it.
Michael Dean Moriarty has over 20 years in the igaming and casino industry. He has written for several major publications as an expert in gambling and casino conduct.