IRELAND: DRUG DEALING CRIMINALS USING BOOKMAKERS’ ONLINE ACCOUNTS TO STASH MONEY

The Journal in Ireland on 18th October reported that Gardaí believe a number of serious criminals are using these accounts to safely store cash before moving it to a safer location, where it can be withdrawn.  The money is only kept in an account for a very short amount of time before it is withdrawn, to stop many of the bookmakers’ built-in AML software from identifying the issue and moving on.  In many cases, well-placed security sources say drug money is brought into the betting shop and is then lodged into an account.  The money is then gambled on a game or race which is heavily fancied to win.

http://www.thejournal.ie/bookies-drugs-money-4282482-Oct2018/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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