All gambling businesses have the goal to keep any crime, especially financial crime, out of gambling. In 2005, the Gambling Act was enacted with the purpose of eliminating money laundering with gambling in the United Kingdom. the Gambling Act of 2005 is an act of Parliament that has a goal of controlling all forms of gambling. This particular act applies to all countries in the United Kingdom which include England, Whales, and Scotland. This is one of the first acts that has been created with the intention of regulating both online and land-based casinos.
The goals for this act are as following.
1. To prevent gambling from being involved with any crime or disorder.
2. To ensure that gambling will be conducted in a manner that is both fair and open to the public.
3. To protect citizens from being exploited through the act of gambling.
Recently, the UK has announced its plans to conduct an overhaul of the enacted licensing law for the purpose of making sure that money laundering is eliminating from the gambling industry. This overhaul will compliment to 10th anniversary of the 2005 Gambling Act. Despite the function of the Gambling Act, Parliament believes that it is time to update changes that will better fit with the current times. The goal is to separate gambling and crime even further apart.
The new decisions to be made that concern gambling regulations will be made by operators and players. Operators and players are encouraged to speak their opinion opinion of the current regulations and to speak their opinion on how regulations can be better improved. Operators and players of the gambling world can conduct this survey by downloading the official form that is located on the Gambling Commission website. Casino operators such as Slots Magic Casino, Tivoli Casino and bet365 have both a great reputation as well as reliable services that make these operators experts of the gambling world.
The overhaul of the 2005 Gambling Act is due to the drastic advancement of technology over the years. Gamblers can now easily interact with any favorite gambling options. The overhaul of the act would not only be best for the gambler but also for the legitimacy of the legal system. If gambling is played in a safe manner, than crime will go down.
The overhaul of the 2005 Gambling Act is a result of the Commission’s investigation the the weakness that has developed of the anti-money laundering regulations and controls. One example is Da Feng Ding who was arrested for money laundering and for using this business within the gambling business. This was discovered through the fact that Mr. Ding had spent a large amount of cash between to years of 2008 and 2011.
In 2007, the Money Laundering Regulations were set into play. These regulations require every single casino to verify the identity of all customers at each individual casino. This regulation is under Regulation 10. The goal of this regulation is to create a distinction between the amounts paid and the amounts risked.
The UK Gambling Commission that enacted multiple acts to preserve the name of gambling have been busy over the last year. Within the last 12-month period, over 5,000 operating licenses were approved by this commission. This number includes operators that have been granted licenses that are both remote and non-remote.
The UK Gambling Commission was established for the purpose of ensuring that casinos are not involved with money-laundering or involved with financing terrorists. To combat the money-laundering crimes, the Commission has used a technique that involves combating the crime. The approach of combating is done through the use of the gambling operators.
Money laundering, by definition is the process in which any resulting money made through a crime is processed in a way that makes the contraband perfectly legal to use outside of the crime. Money laundering is often used for terrorism financing as well as the evasion of international sanctions. Any money that is taken through extortion, drug trafficking is considered to be illegal.
In the United Kingdom, money laundering has been declared illegal by five different acts.
These different acts are.
1. The Terrorism Act 2000
2. Anti-terrorism, Crime and Security Act 2001
3. Proceeds of Crime Act 2002
4. Serious Organizes Crime and Police Act 2005
5. Money Laundering Regulations 2007
Those who are subject to these acts include financial institutions, credit institutions, estate agents, trust and company service providers, high value dealers, and casinos. Every year there is a submitted list of at least 20,000 money laundering suspects in the United Kingdom. If any office fails to report a money laundering incident, it is a law of the United Kingdom that that person will be imprisoned for up to five years. the UK has also declared with the 2007 Money Laundering Regulations that money transmitters that include Western Unions are regulated sectors. This means that all money transmitters must comply with these regulations that have been implemented.
Money-laundering, especially with regards to casinos, has been a big problem in the world economy. The International Monetary Fund found that two to even five percent of the global wealth is attributed to money laundering. This is why, to eliminate global destruction, the UK has implemented various ways to avoid the disruption of the global economy. The various acts that have been set forth a decade ago will continue to be remodeled with the current times. The UK is relying on operators to be the key to eliminating money laundering within the world of gambling. Gambling, has a history of being a “dirty” way to make money. The UK wants to eliminate this reputation and make gambling clean and available to anyone.