Ex-Top Cop Helps Easier Money-Laundering

You might not have heard of Keith Bristow, but he’s the ex-Director General of the National Crime Agency. He was recently made Chair of the Gambling Anti-Money Laundering Group, (GAMLG) whose members consist of the Association of British Bookmakers and the Remote Gambling Association.

New money laundering regulations have recently been introduced requiring those gambling more than £1,500 to be identified. However, it seems that this applies to all except “proven low-risk” gambling sectors.

The Gambling Commission has always thought of betting shops and online gambling as high-risk sectors – that is until Mr Bristow weaved his magic.

By “sexing up” the risk assessment, GAMLG convinced the Treasury that instead of being 86% high risk, as the regulator had assessed, betting shops were just 25% high-risk. This is despite bookies’ FOBTs allowing up to £50 a spin without a name check, and up to £100 a spin with a loyalty card – even without name verification.

GAMLG then proposed “controls” claiming that these would reduce betting shop high-risk factors from 25% down to 0%. The Treasury accepted the GAMLG’s propaganda and excused betting shops and remote betting from the new regulations.

Betting shop FOBTs have also regularly been identified as money laundering machines for drug dealers. A Birmingham Court recently found a drug dealer from Cardiff had laundered over a million pounds through Ladbrokes. The Gambling Commission is yet to announce any sanctions for Ladbrokes.

When anyone gets into bed with the bookies there’s a good chance of reputational harm.

But for Bristow, the opportunity to line his pockets was too good to turn down.

Content produced and sponsored by Campaign for Fairer Gambling



Tip offs: 0709 284 0531
team@Order-order.com

Quote of the Day

Dominic Raab wrote in his letter of resignation…

“This is, at its heart, a matter of public trust,” he told the PM, concluding: “I cannot reconcile the terms of the proposed deal with the promises we made to the country in our manifesto at the last election… I believe that the regulatory regime proposed for Northern Ireland presents a very real threat to the integrity of the United Kingdom. I cannot support an indefinite backstop arrangement, where the EU holds a veto over our ability to exit…”

Sponsors

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.