Lifestyle

END OF MONEY LAUNDERING IN THE UK GAMBLING MARKET?

Where there is big money, there can be troubles too. The vast majority of adults, living in the United Kingdom, enjoy gambling, but many of them are starting to be concerned about the fairness and risks of this popular activity. And the problem is becoming bigger and bigger, year by year.

The Gambling Commission of the United Kingdom is working closely on developing a detailed plan which can make a significant vision come true; a strategy that will guarantee a secure and fair gambling market where every consumer will be protected.

This plan is set to cover the next three years and as a result, offer a much safer and more privileged environment for all the players in the UK, as well as to reduce the problems connected to money laundering.

What’s Changing in the UK Market?

The Commission, a team of experts in charge of resolving problems behind land-based and online UK establishment, proposed a set of changes that should improve the overall quality and safeness of this popular activity.

The number one thing is to keep the children, minors, and vulnerable groups of people as far as possible from potential harm from gambling, by offering numerous tools which can recognize the above-mentioned groups, and automatically decline them from participating in any kind of gambling activities.

Public trust in gambling, in the UK, has declined over recent years. One of the objectives of the new plan is to return the lost trust in the fairness of gambling. All the operators present in the market must be obligated to conduct fairly and openly to clients; the products offered in the land-based and online-based entertaining venues must meet the modern technical standards, and go through enough testing before they are released for public usage. It is of great importance for every operator to display a license and provide easy-to-understand information regarding rules for playing – Terms and Conditions must be clearly written.

On the important “to do” list of UKGC is the issue of the National Lottery, one of the world’s largest lotteries, which, since its beginning, in 1994, raised almost £50billion! This money was invested into good causes such as developing art, sports, and renovating heritage buildings. With an aim to continue this good trend, the Gambling Commission launched a competition; the current, third license to run the Lottery is soon to expire – in 2023, and a new owner of the license is soon to be elected.

Never-ending Combat with Money Laundering 

This may be one of the most important segments of the new strategy – keeping the crime out of this widely-popular entertaining activity. As we said in the beginning, money can bring trouble. Especially in sectors such as gambling, where massive amounts of money are spinning every day.

Hopefully, this problem will soon be just part of the past, considering that the UKGC has a strong desire to solve it, this time, for good. As the standards for entering and staying in the UK market are rising, it would be much harder to involve in any kind of legal activities. Specifically, The United Kingdom is planning to spare much more time in collecting evidence of disruption, while at the same time tackling the illegal providers who are offering unlicensed content to clients. All collected information will be shared with partner agencies and other jurisdictions, and together, with joint forces, they can continue an international “hunt” on the operators and clients interested in fraud.  Furthermore, the Commission will continue to apply the practice through the implementation of the Money Laundering Regulations, Proceeds of Crime Act, and other linked legislations.