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UKGC asks gambling companies to tackle money laundering

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The UK Gambling Commission (UKGC) has strengthened its stance against money laundering and urged gambling companies to step up the fight against money laundering and terrorism financing. The regulator asked the companies to strictly adhere to the clauses in Gambling Act 2005, which states the principles licensees are subject to when operating in the UK.

“Using the money in casinos, regardless of the amount, that is the proceeds of any crime, can amount to money laundering if the person using or taking the money knows or suspects that it is the proceeds of crime,“ the Commission writes in its document “The prevention of money laundering and combating the financing of terrorism: Guidance for remote and non-remote casinos. Money-laundering offences can be committed by both the customer and casino employees, depending on their respective levels of knowledge or suspicion.”

Regarding operators’ responsibilities, the UKGC quoted the three licensing principals they must uphold as required by the Gambling Act 2005: “To prevent gambling from becoming a source of crime or disorder; that no operator can be associated with criminal activities; ensuring that no operator’s business structures or products can become a mechanism for supporting crime.”

“Senior management must be fully engaged in the processes for a casino operator’s assessment of risks for money laundering and terrorist financing and must be involved at every level of the decision making to develop the operator’s policies and processes to comply with the Regulations,” the Commission stated and warned: “Disregard for the legal requirements, for example, turning a blind eye to customers spending criminal proceeds, may result in criminal or regulatory action.”


Source: European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: UKGC asks gambling companies to tackle money laundering

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Mobile Betting Bill Fails to Progress Through New York Assembly

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Senator Joseph Addabbo’s mobile betting bill has failed to progress through the New York Assembly. The legislative session saw S17 fail to progress beyond the Assembly Standing Committee on Codes.

Addabbo tweeted that he saw no clear reason why the state could not implement mobile sports betting in 2019. Failure to do so would see the state miss out on around $75m in revenue, funding for education, and both job creation and retention.

“NY will be stuck like a disabled car on the shoulder, while we allow an illegal sports betting business in our state thrive and idly watch other neighboring states pass us up with enormous revenue gains from mobile sports betting,” Addabbo said.


Source: European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Mobile Betting Bill Fails to Progress Through New York Assembly

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Eldorado Resorts to Buy Caesars Entertainment Corp

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Eldorado Resorts Inc., the US based casino operator, has agreed to merge with Caesars Entertainment Corp through a $17.3 billion cash and stock deal.

The deal, which is expected to be announced soon, values Caesars at close to $13 a share. The combined company’s ownership would be split roughly between Eldorado and Caesars shareholders.

An Eldorado spokesman said the company did not comment on rumours or speculation. Caesars did not immediately respond to requests for comment.

The combination of the two companies would create a serious competitor to larger casino industry players, such as Las Vegas Sands Corp, Wynn Resorts Ltd and MGM Resorts International.


Source: European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Eldorado Resorts to Buy Caesars Entertainment Corp

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Nagasaki Governor Reaffirms His Support for Sasebo IR Bid

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Nagasaki Governor Hodo Nakamura has reaffirmed his support for the Sasebo IR bid and urged the national government not to delay too much in issuing its IR regulations and establishing the national regulatory framework.

While Sasebo’s bid is not linked to a specific timeline, the local government does wish to move forward quickly, especially now that other competing bids could emerge from the Kyushu region.

In related news, Nagasaki IR Business Connect Seminar is going to be held with the participation of international operators and investment groups.


Source: European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Nagasaki Governor Reaffirms His Support for Sasebo IR Bid

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