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FATF report flags gambling-sector exposure to professional money laundering

Regulation

Source: Gaming & Casino Supervision Commission (Cyprus)

The FATF published a report on professional money laundering, underground banking and hawala, according to a notice from Cyprus’s gaming regulator. It says more than 80% of reporting jurisdictions identified underground banking and similar service providers as major channels or techniques, and notes potential casino and junket involvement in laundering schemes.

The report identifies casinos, junket operators and illegal gambling as potential links in money-laundering networks.

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