BusinessCompany NewsCasinos may attract new wave of fraudsters

Casinos may attract new wave of fraudsters

Casinos may be the next big magnet for fraudsters, unless the government puts more stringent controls in place, warns KPMG.

Forensic experts are warning the government’s recent agreement to wide-ranging deregulation of casinos, as part of the reform of UK gambling laws, may represent another headache for the law enforcement community.

The loophole for money launderers exists because UK casinos are not subject to 1993 Money Laundering Regulations. This means that casinos are not required to identify their clients or keep records for anti-money laundering purposes.

Adam Bates, head of KPMG forensic, said: ‘It is vital that we avoid a proliferation of small casinos which would prove difficult to regulate effectively and could act as a magnet for criminal funds in the same way that the lower end of the unregulated bureaux de change industry has over the past decade.’

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor