Azizur Rahman | 20 February 2023
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Gambling giant 888 saw its chief executive resign and its shares slump following money laundering failings. This prompted Rahman Ravelli to write about the need for strong anti-money laundering processes.
In an article, Rahman Ravelli outline the obligations that gambling firms and all other companies that provide financial services are subject to under the Proceeds of Crime Act (POCA) and their need to comply with the directives and regulations of the global money laundering and terrorist financing watchdog, the Financial Action Task Force (FATF).
They emphasise the need for companies to have well-designed, carefully-operated programmes for assessing whether any money coming into the business may be the proceeds of crime.
Rahman Ravelli explain that 888’s problems are an indicator of what can happen if a company does not seek to identify and tackle its money laundering risks.
Rahman Ravelli's article was featured in The World Financial Review.
Featured at: The World Financial Review
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