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05 Feb 13
18:09
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Date Joined:
05 Jan 10
EU wants to tackle money laundering on gaming sites
BRUSSELS |
http //uk.reuters.com
(Reuters) - The European Union may try to counter money laundering through online betting sites by extending legislation beyond casinos to include Internet gambling.
The executive European Commission formally proposed on Tuesday to include online gaming in EU-wide legislation that seeks to combat fraud. It could become law within two years if approved by the EU's 27 member countries.
The Commission said by currently only monitoring casinos, "other areas of gambling (are) vulnerable to misuse by criminals".
The Commission also proposed reducing the permitted maximum for cash payments for goods and services to 7,500 euros (6,480 pounds) from 15,000 euros and submitting shops and traders to a series of checks if they make or receive large payments.
About $1.6 trillion was laundered worldwide in 2009 - about 4 percent of the world's economic output, according to the United Nations Office on Drugs and Crime.
Online gambling is growing in popularity and companies such as Britain's largest bookmaker, William Hill, and rivals SportingBet and Stanleybet, have benefited from the rise in demand, particularly for betting on sporting events.
But gaming firms have also protested against stricter regulation, with some countries such as Germany having increased controls on advertising, as well as limiting the amounts customers can gamble and increasing taxes on betting.
(Reporting by Robin Emmott; editing by Rex Merrifield
BRUSSELS |
http //uk.reuters.com
(Reuters) - The European Union may try to counter money laundering through online betting sites by extending legislation beyond casinos to include Internet gambling.
The executive European Commission formally proposed on Tuesday to include online gaming in EU-wide legislation that seeks to combat fraud. It could become law within two years if approved by the EU's 27 member countries.
The Commission said by currently only monitoring casinos, "other areas of gambling (are) vulnerable to misuse by criminals".
The Commission also proposed reducing the permitted maximum for cash payments for goods and services to 7,500 euros (6,480 pounds) from 15,000 euros and submitting shops and traders to a series of checks if they make or receive large payments.
About $1.6 trillion was laundered worldwide in 2009 - about 4 percent of the world's economic output, according to the United Nations Office on Drugs and Crime.
Online gambling is growing in popularity and companies such as Britain's largest bookmaker, William Hill, and rivals SportingBet and Stanleybet, have benefited from the rise in demand, particularly for betting on sporting events.
But gaming firms have also protested against stricter regulation, with some countries such as Germany having increased controls on advertising, as well as limiting the amounts customers can gamble and increasing taxes on betting.
(Reporting by Robin Emmott; editing by Rex Merrifield
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Are they not missing the Bull's Eye here ? - as usual.
Presumably - You cannot deposit, say, £10,000 CASH with Betfair, or the Main Bookmakers ... It has to come to them via a CARD, and thus a BANK - who already have CASH CONTROLS. But you can shove £20,000 CASH into an FOBT ...... presumably.  |
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exactly onlooker the poxy banks are to blame as per. Once funds are in the system they can be laundered through any business at all.
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EU hitting back at its citizens over its own bank rate problems, donkey kicks smaller donkey is an
inescapable human trait. |
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European bank interest rates and the Euro are more likely to screw up Europe than petty criminals
and I certainly wont be voting to join Europe as all they did in the 20th cetury is cause many problems as quo rate historically, Seeya.... |
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Rarely see laundering through FOBTS. Proceeds of crime far more likely. The point of laundering is to receive different money. Bet in one place collect in another. Bet in cash ask for winnings on a debit card. Laundering through machines is far too risky and not hard for staff to identify.
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Stupid statement as FOBT player need petty crime to an extent to supply the notes
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Problem gamblers all fit into the catergory of beg, borrow or steal, fact...
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Dont be silly tess, it's the best way...Ever POUND you put into a FOBT you get back 97p according to the bookie reps on here . . soooooooo just costs you 3p to wash your pound
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apparently daylight robbery is ok if the tax man likes it and parliment doesnt care about society
past getting voted in... |
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Its bad enough having uk leaders with no realistic control, without EU members making decisions for us.
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Europe has to be a massive swerve for all uk voters IMO
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WE all know that European interest rates and regulations all favor the northern terrorories and I feel
sorry for countries like Greece and spain that bought in only to get conned into paying th higest rates. If Europe thinks we are going to put ourselves into a position where Germany gets better rates thus more economic leveragethen than the UK, well they can forget it as we wont be stupid enough to buy in. |
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JUST WHEN European leaders thought they were getting to grips with three years of economic turmoil, along came Cyprus, a seemingly small problem but one that cannot be ignored.
While the Cypriot economy may be worth only €18 billion, making it the third smallest in the eurozone, the problems it poses are among the most complex Europe has faced, combining elements of Greece, Spain and Ireland. The latest estimates from analysts are that the country needs €17.5 billion to get back on its feet, including €10 billion for its fractured banking sector and up to €7.5 billion for general government operations and debt servicing. While small in nominal terms, that would amount to almost 100 per cent of its gross domestic product, making it the biggest eurozone rescue after Greece and nearly three times the size of the package that was granted to Portugal in 2011. |
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Getting tied up into paying for uneconomic countries would put even more pressure on other members and the UK if
we became members, every grey cloud somtimes reveals many more... |
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B f Fanatic is surprisingly wise on the political front.
Europe hates Britain and wants to get as much money as it can from them and change all your magnificent traditions. |
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Perfect strategy roulette returns 97%. Who plays that way?!
Money laundering and using the proceeds of crime to fund gambling are two different things. |
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Tess 05 Feb 13 21:40 Joined: 30 Jul 05 | Topic/replies: 98 | Blogger: Tess's blog
Perfect strategy roulette returns 97%. Who plays that way?! someone laundering money? |
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Ok Patrick,yes, if you were going to launder via GM's this would be the way to play. However, the back office will always flag this type of play and invites the member of staff to contact security before payment is made. Laundering or attempts to launder in shops is rarely done in this way because you are likely to receive your own money back given the amount of cash shops hold. A scenario seen is doubles involving n/rs placed in 1 shop and collected in another. Sometimes these will include a very short priced fav. Alternatively, asking for payment to a debit card and not cash.
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tess your point confirms that the primary objective for the launderer is to get cash into the banking system (known as "placement"). This is possible (though you say prevented) in LBOs, it isn't possible online.
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