Stricter gaming legislations could soon take effect all across the European Union legal markets
The European Union Commission has urged all local operators to comply with stricter gaming legislations to reduce the possibility of backing terrorist groups and participating at international financial crimes. As part of new regulating framework, the EU could require further controls on players.
“Law enforcement intelligence suggests that retail and on-course bookmakers could be vulnerable to exploitation by criminals, who place high value wagers in a structured manner, to launder significant proceeds of crime,” commented the Irish Department of Finance in its first anti-money laundering report, according to independent.ie.
Under EU legislation, local operators may inform authorities about gaming transactions over US$2k. Players’ personal information and their IDs could be required in order to check for potential links to terrorist groups and money laundering organisations. The legislation responds to EU’s crackdown on “suspicious practices” related to the gaming industry.
So far, the Maltese and UK gaming markets have announced their compliance with European laws to prevent money laundering activities operated through legal gaming services. However, SBC News reported that Vera Jourova, EU Justice Commissioner, revealed that 17 EU member states had failed to comply with updated financial regulations for the gaming industry.
The European Commission is in charge of proposing legislation, implementing decisions, upholding treaties and managing the day-to-day business of the European Union, and the draft legislation has been offered as part of a reform to the existing Anti-Money Laundering Directive.
