The European Parliament today gave its final approval for new Anti-Money Laundering rules which aim to prevent money laundering and terrorist financing. Brian Hayes MEP for Dublin called on the government to scrutinise how the new rules will affect the various industries concerned, particularly the gambling industry.
“It is very much welcome that the Parliament has given final approval for new anti-money laundering rules. These rules will lift the veil of secrecy from the various methods by which criminal groups can launder money in the EU. Member States will now have two years following the adoption of the legislation to transpose the rules into national legislation.
“The Government should use this two-year window to conduct a high-level report on how these rules will affect the various industries concerned, particularly the gambling industry. The legislation will oblige gambling institutions to conduct customer due diligence for single transactions over €2000 as well as a series of several bets that appear to be linked.
“There needs to be a proportionate response from the government. The government should examine the greatest risk areas of the gambling industry as opposed to targeting some gambling operations that pose lesser risk to the safety of our financial system.
“Member States will be given some discretion with the implementation of these rules. Some types of gambling services can be exempted – for example, full customer due diligence procedures for on-course gambling which is a lower risk service should be exempted. Many of the rules are very onerous and would jeopardise the fate of some small bookmaking operations which should not be the goal of this Directive.”