Guernsey’s Financial Intelligence Unit (FIU) in 2022 received more reports on money laundering from the gambling sector than any other, according to its annual report, SBC News reported August 22.
The FIU annually reports the numbers of “Suspicious Activity Reports” (SARs), and forwards most of them to the U.K.’s financial authorities. Usually a SAR is filed over money laundering attempts. Last year 73 percent of SAR reports issued to the FIU were AML-related. Guernsey is a Crown Dependency, similar to Gibraltar, and as such is the home of a number of gambling companies.
Nevertheless, the number of such reports last year, 2,656, were 26 percent fewer than the 3,600 reported from 2021. Of them, 2018 originated with the gaming industry.
When only money laundering is considered, 88 percent of SARs were submitted by gaming operators or suppliers. Of those, 89 percent were submitted by one license holder, who was not named. Several such companies are registered in Guernsey, such as the Super Group, BGO Entertainment, Marathonbet and Jumpman Gaming.
FIU Director Adrian noted that the reports are generated by the gambling industry itself, and said the sector is not considered “high risk” by the Guernsey National Risk Assessment.
Adrian added, “There is a significant e-gambling sector regulated in Alderney with a large international client base and the entire e-gambling sector has received a residual risk rating of ‘medium lower’ for money laundering in the NRA.” Alderney is one of the islands in Guernsey.
