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Online Gambling Sites are Being Used for Money Laundering Purposes

Apr 25, 2014

money-laundering-250414Money laundering

Money laundering spreads to internet gambling websites, as new reports indicate a large number of transactions involving unscrupulous financial gains.

The purported criminal groups employ a cunning online casino strategy, whereby they launder numerous illegal monetary gains by transferring money through mobile casino gambling sites.

Proceeds can easily be placed in part of the world, while another person at some other location can pick up the money without much hassle.

The difference between play in casino and online also helps the laundering groups, as online transactions do not involve handling of physical money. In fact, rather every transfer is based on virtual numbers.

The trend of sites operating on the so called Dark Web and leveraging virtual money is increasing at a steady rate.

European internet criminal agency is concerned

The Head of the European Cybercrime Centre, Troels Oerting, indicated just how challenging it is for the agency to pursue criminals in the modern world.

“In the ‘old days’ the money trail was easy to follow, but today, money flows inside and between countries, regions and globally at lightning speed, which is a necessity in our global interconnected world.“

As a result of the accessible and efficient way to launder financial proceeds, criminals are becoming more aware of the opportunity that the internet poses for their unscrupulous deeds.

“Taking advantage of this, more and more cybercriminals are turning to cyberspace to seize a new ‘business opportunity’ with endless income and limited risk.


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