Thursday December 18,2014 : HARMONY IN ONLINE GAMBLING MONEY LAUNDERING DIRECTIVE
Fourth EU anti-money laundering directive includes online gambling industry.
The European Gaming and Betting Association, a European trade association for online gambling companies, has expressed its approval at the news that the entire gambling sector is now included in the scope of the fourth European Union anti-money laundering directive.
In a deal reached by the negotiating teams of the European Parliament and the Member States on 16 December, it was agreed that the online gambling sector is subject to one set of rules across the whole of the European Union.
Maarten Haijer, secretary general of EGBA said Wednesday:
“EGBA has actively engaged with the EU institutions to include online gambling in the directive. The new directive ensures that EU online gambling providers now have one rather than 28 sets of AML rules to comply with to provide their services in the EU.
“The risk based assessment underpinning the directive will apply to all services, with the exception of land based casinos where there can be larger sums of cash money involved.
“With only electronic payments, no cash and perfect traceability on the internet, EGBA is confident that the directive will further add to the safe provision of EU regulated online gambling services.”
Haijer noted that the inclusion of the online gambling sector in the new anti-money laundering directive adds to the growing number of European laws applicable to the online gambling sector.
“Following this success, EGBA encourages the European Commission to come forward with additional EU initiatives to address the regulatory fragmentation that the sector is currently facing,” he said. “Consumers and operators alike benefit from a more harmonised approach at the European level.”
In February 2013, the European Commission published its proposal for a renewed anti-money laundering directive. In recent months the negotiating teams of the European Parliament, the European Commission and the Council of Ministers negotiated on the provisions of the directive, which will later be approved at COREPER level and then by the European Parliament early next year.