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A report produced by MHA Consulting for the RGA concluded that a combination of statutory and self regulation had effectively reduced the risk of money laundering through online gambling and that there were almost no examples of money laundering in licensed jurisdictions.

Some of the report’s key findings were that:

• the absence of cases and examples of money laundering and terrorist financing within the remote gambling industry appear to indicate that the risks are low;

• there was a strong commitment within the industry to prevent and detect money laundering and terrorist financing, to comply with the various legislative and regulatory requirements and to co-operate with the authorities;

• whilst no service sector can be immune from the attention of criminals, there appears to be little evidence to support the view that remote gambling has, to date being particularly susceptible to money laundering and terrorist financing; and

• online gambling is not a likely accessible avenue for money laundering because: the identities of the gamblers are known; the financial transactions between the bettors and operators are all in electronic format; and all of the wagering is recorded.

Clive Hawkswood, the RGA’s Chief Executive, commented: “In the past a combination of misperception and misinformation has led many to believe that money laundering is a particular problem for the online gambling industry. That is quite clearly not the case and we hope this report will go some way to dispelling those often quoted myths and introduce a greater level of objectivity whenever these issues are debated”.

“However, we are still a relatively new industry dealing with a relatively new framework of money laundering regulations. The industry has risen to the challenge, but cannot rest on its laurels and we will certainly be following up on the recommendations made in the Report”.