UK GAMBLING COMMISSION MONEY LAUNDERING AND TERRORIST FINANCING RISK ASSESSMENT 2018

On 5th July, CMS Law published an article on the Gambling Commission’s money laundering and terrorist financing risk assessment for 2018, as required by law which says that a supervisory authority must carry out a risk assessment of their supervised sector.  It points out that the Commission has chosen to extend its analysis in the Report to the entire gambling sector.  Gambling operators – whether casinos or otherwise – all have a variety of AML obligations under the Commission’s Licence conditions and codes of practice which makes this analysis relevant to them.  The takeaway from this Report is that overall risk ratings for each gambling sector have not changed from the last assessment published in March 2018.  However, terrorist financing has been assessed independently for the first time and has been given an overall risk rating of “Medium”.

http://www.cms-lawnow.com/ealerts/2019/07/money-laundering-and-terrorist-financing-risk-assessment-2018?_ga=2.226688725.933365903.1562572071-1120114776.1520330292

The report is at –

https://www.gamblingcommission.gov.uk/PDF/AML/Money-laundering-and-terrorist-financing-risk-assessment-June-2019.pdf

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This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

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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