FATF Raises Global Alarm on Money Laundering, Fraud Risks in Gaming, Gambling
* Says payment systems such as e-wallets, mobile money, virtual assets, vulnerable to risks Ndubuisi Francis in Abuja Global anti-money laundering watchdog, Financial Action Task Force (FATF), has raised the alarm
The Financial Action Task Force (FATF) has issued a warning regarding the risks of money laundering and fraud in the gaming and gambling sectors globally. The watchdog has identified new risk indicators to help governments, regulators, and private entities detect and respond to these financial crimes. Key risks include the use of gambling platforms for money laundering, smurfing transactions to avoid detection, and large or coordinated bets to possibly manipulate events.
The FATF emphasizes that illegal gambling markets, often on par with legal ones, offer anonymity to criminals, making detection challenging. The organization's assessment, based on contributions from over 80 jurisdictions and industry bodies, highlights the expanding use of online platforms and payment systems, which are vulnerable to money laundering risks.
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