The online gambling sector in Guernsey has recently been assessed as having a medium money laundering risk in a report from the National Risk Assessment (NRA). This report is part of the UK government’s efforts to combat money laundering and terrorist financing. The report highlights the need for Guernsey to strengthen its anti-money laundering and counter-terrorist financing measures.

The NRA report states that the online gambling sector in Guernsey is vulnerable to money laundering due to the lack of effective regulation and oversight. The report also notes that the sector is not subject to the same level of scrutiny as other sectors, such as banking and financial services. This means that criminals can exploit the sector to launder money without detection.

The report recommends that Guernsey should take steps to strengthen its anti-money laundering and counter-terrorist financing measures. This includes introducing more stringent customer due diligence requirements, such as enhanced customer identification and verification processes. The report also suggests that Guernsey should increase its monitoring of online gambling transactions and take steps to ensure that suspicious transactions are reported to the relevant authorities.

In addition, the report recommends that Guernsey should introduce measures to ensure that online gambling operators are compliant with anti-money laundering and counter-terrorist financing regulations. This includes introducing a licensing system for online gambling operators and ensuring that they are subject to regular audits and inspections.

The NRA report is an important reminder of the need for Guernsey to take steps to strengthen its anti-money laundering and counter-terrorist financing measures. By taking these steps, Guernsey can reduce the risk of money laundering in the online gambling sector and ensure that criminals are unable to exploit the sector for illicit activities.