Prevention of money laundering and the funding of terrorism and relevant legislation : how effective is it in relation to the gaming industry?

Abstract

While there exist a number of theses dealing with the offences of money laundering and terrorist funding, this thesis differs in its scope in that its subject matter revolves around the gaming industry and its susceptibility to such offences, rather than around the offences per se. The objective of this thesis is to identify and analyse the money laundering and terrorist financing risks being posed by the gaming industry and to evaluate whether the legislative framework which is currently in force in Malta for the purposes of preventing such offences from being carried out through this industry is appropriate and efficient in doing so in a sufficient and adequate manner. Chapter 1 shall primarily deal with the offences of money laundering and terrorist financing; whereby an insight into their origins, constitutive elements and counter-actions being undertaken shall be provided. Chapter 2 shall proceed to give an in-depth analysis of the gaming industry. An examination of the different approaches adopted on a European level, with particular reference being given to Maltese legislation, shall be carried out. Chapter 3 shall involve a thorough investigation, from a practical perspective, into the susceptibility or otherwise of the gaming industry to money laundering and terrorist financing. Chapter 4 shall move on to provide an account of the legislative framework, on both a European and local level, aimed at preventing the offences of money laundering and funding of terrorism from being carried out through the gaming industry. Finally, the concluding Chapter shall provide an account of the findings made as well as a number of different suggestions and proposals for the way forward. In this regard, it is to be acknowledged that both the gaming industry and the concepts of money laundering and terrorist funding are of a very dynamic nature. At the time of writing of this thesis, a number of developments took place and new works were issued1. Furthermore, as this thesis goes to print, other important advancements related to the topic at hand may be taking place. Accordingly, this thesis deals with the situation of the gaming industry and its susceptibility to money laundering and terrorist financing, as this stands at May 2011.