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FATF: Gambling Tourism Highlights Gaps in AML Controls for Casinos
printPoor supervision of high-rollers involved in gaming tour "junkets" and the difficultly in determining jurisdiction over gambling operations while ships are at sea are just some of the "significant" money laundering vulnerabilities of the international gambling industry, according to a global watchdog group. Gambling tour operators typically don't detail clients' source of funds or adequately verify their identities, even though they facilitate cross-border transfer of their funds, according to the Paris-based Financial Action Task Force (FATF). The result is "layers of obscurity" for money launderers. Of particular concern is the emerging casino industry in Asia and Africa in countries that...
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