McAfee Releases Online Gambling Money Laundering

May 4, 2014 by

online-gambling-money-launderingOne of the hot topics that always comes up as a talking point against the expansion of online gambling is that of money laundry. Online gambling money laundering is something that hasn’t been easily quantifiable up to a point, but security firm McAfee has recently came out with a paper that describes their findings on it. It’s a pretty big deal because it’s one of the first times that a major firm like this has put together a study on money laundering in this particular industry, and almost everyone involved in the debate is up in arms over their findings.

Online Gambling Money Laundering Frequently Misrepresented

One of the main findings from McAfee was that both sides of the debate frequently misrepresent the issue. On one hand, they found what they believe signals that online gambling is one of the most common ways to launder money for that class of people that are known as “cybercriminals.” On the other hand, they also found that this laundering of funds was an extremely small portion of the overall picture. What their findings indicate is that there are measures that can be put into place to curb the activities, but that the activities are definitely happening.

The Influence in the United States

One concern that politicians in the United States like to bring up is that any type of money laundering could be made useful by terrorists, and these people have tried to use McAfee’s report to back their cause. On the other hand, people who are for the expansion of Internet gambling have used the paper to show that it’s not such a big deal compared to the overall industry.

What both sides seem to be missing is that McAfee spells out exactly how big they think the problem is and what exactly could be done to help make it less of a problem. One of the biggest measures they found is that strict licensing processes are going to be virtually required with a lot of auditing to help keep this thing from happening more.

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