Spillemyndigheden, Gambling Authority of Denmark, has drawn attention to the latest updates from the FATF or the Financial Action Task Force on high-risk jurisdictions. It reinforces the importance of compliance with global AML or anti-money laundering and CFT or counter-financing of terrorism measures.
The updated lists of FATF classify jurisdictions based on their AML/CFT compliance.
Grey List includes countries under increased monitoring for weaknesses in their frameworks. A noteworthy addition to this list is Lebanon, with Algeria, Angola, Bulgaria, Burkina Faso, Cameroon, the Ivory Coast, Croatia, DR Congo, Haiti, Kenya, Mali, Monaco, Mozambique, Namibia, Nigeria, the Philippines, South Africa, South Sudan, Syria, Tanzania, Venezuela, Vietnam, and Yemen.
Black List features countries deemed non-compliant with global initiatives. This includes North Korea, Iran, and Myanmar.
Gambling operators should apply EDD or Enhanced Due Diligence for players from jurisdictions designated as high-risk by the EU Regulation of High-Risk Third Countries under the AML Act of Denmark.
EDD conducted detailed risk assessments, monitored transactions, and reported suspicious activities.
Nonetheless, players from countries on the Grey List of FATF alone do not automatically require EDD. This is unless EDD is listed in the EU Regulation.
The Gambling Authority emphasized the importance of FATF compliance in safeguarding the gambling sector from exploitation for money laundering or terrorist financing.
The gambling market of Denmark has seen a nearly 3% drop in consumer spending. This reflects increased regulatory pressures and growing awareness of financial crime risks.
According to Spillemyndigheden, sticking to FATF standards supports a secure gambling environment and safeguards industry reputation.
FATF expanded its remit in 2001 to include terrorism financing, founded in 1989 to fight money laundering. It regularly updates its high-risk jurisdiction lists to support global financial integrity.
The latest updates serve as a reminder for operators to maintain vigilance and stick to AML framework of Denmark. It ensures alignment with international standards.
