CANADA - Are Illegal Online Gambling Sites linked to Money Laundering?

As an igaming expert working in the online gambling industry since 1999, the recent report from Canada's financial intelligence agency must be carefully analyzed.

It was reported that illegal online gambling sites are increasingly becoming a haven for criminal organizations to launder money through the online igaming community.

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CBC News streamed on January 18 how the unregulated platforms are vulnerable to exploitation by mafia to whitewash illicit funds.

The Financial Transactions and Reports Analysis Centre of Canada (Fintrac) issued a special bulletin underscoring the exploitation of transaction systems by criminals, specifically focusing on suspicious online gambling-related transactions from 2016 to 2023.

While legal, regulated Canadian online casinos also faced exploitation, the primary targets were the unregulated operators. As a safety-conscious gambler, this report reinforces the importance of choosing reputable and regulated platforms for online wagering.

Fintrac's analysis delves into the modus operandi of money launderers on unregulated gambling sites.

How mafia do that?

• They purchase prepaid cards/vouchers with funds believed to be proceeds of crime;
• The funds are deposited into gambling accounts;
• and then they withdraw the money via wire or e-transfer masquerading it as legitimate winnings.

The investigation also found that some organized crime groups are operating their own unregulated casino sites to proceed with this practice, and of sure, harm other players.

The agency's ability to compile such reports stems from a meticulous digital audit of millions of pieces of information each year. They analyze data from various sources, including banks, money-service businesses, casinos, insurance companies, securities dealers, and real estate brokers.

The report points out that unregulated gambling sites are particularly attractive to criminal organizations due to relaxed jurisdictional safeguards, often located in jurisdictions with weak anti-money laundering measures, secretive banking practices, and tax haven capabilities.

Needless to say, most of these online casinos are operating under Curacao license.

This is the reason that legit and licensed online casinos and sports betting sites are the best option for players. There are a lot of problems being reported with players not getting paid, with no support at all, and having accounts deleted at gambling sites. I always recommend checking casino sites with licenses in trusted jurisdictions to avoid problems and stay protected by the regulators.

While the report serves as a stark reminder of the lurking threats in the online gambling landscape, it reinforces the importance of informed choices. As a responsible gambler, opting for regulated platforms ensures a secure and protected online gaming experience, from transactions to safeguarding personal and financial information. Even as criminals seek opportunities across various sectors, regulated online gambling sites remain a beacon of safety in the vast and dynamic world of online wagering.
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Text by	@onlinecasinos
Type	Illegal Online Gambling Sites
Category	Review
Location	Canada, USA
Published	24 January 2024
Edited	No

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