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Isle of Man GSC raises gambling sector money-laundering risk rating

Regulation

The Isle of Man Gambling Supervision Commission rated the island’s gambling sector as medium-high risk for money laundering in its latest national risk assessment, up from medium in 2020. The assessment also classifies online gambling as medium-high risk and the local industry as medium-low, citing international customers, transaction volumes and increased global threats.

The higher rating gives gambling businesses in the Isle of Man a current regulator assessment to consider in their money-laundering controls.

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Lula's proposed betting ban leaves Brazil's regulated market uncertain

Brazil's election and President Luiz Inácio Lula da Silva's reported plan to repeal the 2024 betting law have left the industry's future uncertain, according to the account. It says an emergency decree would require betting agencies to close by 25 October and players to complete withdrawals by 5 October, but the measure's fate remains subject to Congress and a possible Supreme Court challenge.

Brazil's President Luiz Inácio Lula da Silva has announced his intention to repeal the 2024 betting law, according to the report, nine days after the first round of voting on 4 October. The repeal took the form of an emergency presidential decree requiring betting agencies to close by 25 October and players to complete withdrawals from their accounts by 5 October.

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