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Online Gambling Group Says Industry Not Vulnerable To Money Laundering

by Amanda Banks, Tax-News.com, London

27 September 2002


In a submission to the Financial Action Task Force (FATF) earlier this month, the Interactive Gaming Council suggested that online casinos are, in actual fact, less vulnerable to money laundering than their land-based counterparts.

The IGC report stated that: 'Online gambling does not lend itself to any form of cash movement because of the online nature of the business, specifically, there is no face-to-face contact in the business.'

The interactive gambling body went on to add that the stringency of player registration procedures, coupled with the ongoing verification processes required to participate in online gambling activities more than match 'Know Your Customer' requirements implemented by other sectors to prevent money laundering:

'Using software technology tools, online gambling operations can scrutinize 'inconsistent' behaviour, capture and report the transaction, and freeze the funds pending investigation. When performed in conjunction with a licensing authority this is a potent weapon,' the Canadian organisation explained.


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