iGaming under the spotlight in Australia

The Australian online gaming sector could be further regulated to prevent money laundering.

Australia.- As online gaming platforms could work as a money laundering channel, the Australian Criminal Intelligence Commission (ACIC) has urged the government to further regulate the sector. ACIC released last week a comprehensive report revealing that financial crimes represent the loss of AUS$36 billion (US$28 billion) per year.

ACIC’s report shows that online sports betting sites are used as a popular channel for money laundering activities. Furthermore, the governmental commission has also warned about the rise of cryptocurrencies, according to Casino News Daily. Based on the results, the ACIC proposed to draft a new regulation addressing online gaming activities.

Australia’s financial intelligence and regulatory agency, AUSTRAC, has also revealed earlier this month several links between financial criminal groups and gaming industry through the Commonwealth Banks’ operations. The financial entity has allegedly permitted AUS$70 million (US$55 million) to be laundered.

Australian gaming market has been already reduced after Governor-General Peter Cosgrove approved the Interactive Gambling Amendment Bill 2016. Under the latest legislation, gaming operators without proper licenses would be banned from the market, although it does not clarify the requirements to obtain and implement a permission. Therefore, gaming supporters consider the bill would only prohibit online gaming operations. The measure was set as the national government decided to stop gaming expansion and limit the authorised operations in the last two years.