Published
OnlineCasinoLegal & RegulatoryIndustry

United Nations releases report on crime-related links between casinos and crypto

The study covers East and Southeast Asia.

casino cryptocurrency
Listen To Article

The United Nations Office on Drugs and Crime (UNODC) Regional Office for Southeast Asia and the Pacific has released a report finding that casinos, junkets and cryptocurrency have emerged as a key part of the underground banking and money laundering infrastructure in East and Southeast Asia. 

Highlighted in the study is the fact illegal online casinos, e-junkets and cryptocurrency exchanges have increased in recent years, while at the same time cross-border criminality has surged in the region. 

According to the report, online casinos and related businesses have been used by major organised crime groups to move and launder massive amounts of state-backed fiat, as well as cryptocurrencies. 

The cases looked at within the report also underline how illegal online casino operators have diversified business lines to include cyberfraud and cryptocurrency laundering.  

Recommendations are provided in the report to “improve knowledge, awareness, policy, capacity, and coordination,” to help governments to address the situation. 

UNODC Regional Representative for Southeast Asia and the Pacific, Jeremy Douglas, said: “Casinos and related high-cash-volume businesses have been vehicles for underground banking and money laundering for years, but the explosion of underregulated online gambling platforms and crypto exchanges has changed the game. 

“Expansion of the illicit economy has required a technology-driven revolution in underground banking to allow for faster anonymised transactions, commingling of funds, and new business opportunities for organized crime. The development of scalable, digitised casino - and crypto-based solutions has supercharged the criminal business environment across Southeast Asia and particularly in the Mekong.” 


Casino News Sponsor
Premium+ Connections
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium Connections
Consultancy
Executive Profiles
Seminole Hard Rock Support Services
Seminole Hard Rock Support Services
Metropolitan Gaming
Holland Casino
Nederlandse Loterij
Follow Us

Facing Facts: Q1 2024 analysis from across the globe

Gambling Insider tracks the Q1 results of operators across t...

Taking Stock: A guide to sports betting operator and supplier prices

Gambling Insider tracks sports betting operator and supplier...

Tailor-made: The power of personalisation in the modern gaming industry

With insights from GR8 Tech, Greentube and the Oregon Lotter...

Sportradar and the Taiwan Sports Lottery: More offerings, greater efficiency

Danny Fok, VP of Strategic Projects at Sportradar, speaks al...