PracticeConsultingUnder pressure.

Under pressure.

English sport again in firing line

Spread-betting companies will be one of the sectors targeted by the Financial Services Authority’s crackdown on money laundering, writes Philip Smith.

As England’s cricket team, including Mark Butcher, returned to the Ashes fray today at Trent Bridge, many will have made spread bets in the hunt for potentially high rewards.

The FSA said money launderers could target spread betting because of a lack of awareness in the sector.

In its report on tackling money laundering published this week, the FSA said the financial industry had a key role to play by making sure it helped those firms that were ‘behind the game step up a class’ in the fight against money laundering.

Other sectors at risk included independent financial advisers, online stockbrokers and credit unions, and banks.

Spread-betting companies, which are regulated by the FSA, make predictions on sporting events in the form of high and low estimates – the gap being the spread.

Investors either ‘buy’ at the top end or ‘sell’ at the bottom, with profits and losses based on the outcome.

More at www.accountancyage.com/Business/1123666.

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer