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Casino Money Laundering is The Subject of an Upcoming APG Study
On Thursday, July 6th, the Asia Pacific Group on Money Laundering announced that they are launching a study to investigate how much casinos, including online casinos, are being used to launder money.
"Casinos are not only today the physical buildings that you can walk into and have a bet. There is also Internet betting and Internet casinos," said Michael Keelty, Commissioner of the Australian Federal Police and co-chair of the APG. "So we are looking at a project on the amount of money that could potentially be laundered through casinos."
The APG states that casinos are not the only route through which money is laundered; examples of other routes include real estate, dealers in high value goods like precious metals, gems, and jewelry.
The Asia Pacific Group brings together 32 countries and jurisdictions that follow the Paris-based Financial Action Task Force (FATF) and are committed to implementing measures and laws fighting dirty money.
The APG monitors compliance by members, but they find that the economic development and regulatory frameworks in different countries are often stumbling blocks to full compliance with the many standards (over 40) set forth by the global anti-money laundering watchdog, FATF.
FATF President, Frank Swedlove, claims that some of the key challenges are detecting new terrorist financing tricks and stopping them. "As criminal elements adopt new techniques, we should be able to recommend to countries to alter their regimes," according to Swedlove.
Sunday, December 31 , 2006
Edward O'Connor