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Foxy Bingo Director dismisses reports of online gaming money laundering

  • 12 Aug 09
  • Written by Charlotte Widmore

Foxy BingoA few months ago Simon Collins the Director of Cashcade published an article on the Perfect Storm website (a news blog and forum specifically aimed at the UK online gaming industry), in which he contested the proposition that had been posed in recent press articles that the online gambling industry is ‘run by criminals, gangsters, and worse’.  Mr Collins was rightly alarmed that certain elements of the press were specifically targeting online gaming as a front for dark and sinister goings on and had in so doing, heaped online bingo sites in with some might say scare mongering and inflammatory headlines.

Terrorists hiding in the online bingo bushes?

In particular Mr Collins – who is also one of the names behind the Foxy Bingo site – cited an article in the Daily Telegraph that had a very alarming headline ‘Terrorists Launder Cash Through Online Gambling’ that had been published in the daily newspaper the previous January.  Clearly news stories are created to sell papers and in the current climate where terrorism is a worry, headlines like this do indeed play on the general public’s worries and fears, Simon Collins was very concerned in his article on the Perfect Storm site about this and said “here at Cashcade we focus very hard on giving our customers a safe, enjoyable experience”.  With so many great things going on in the industry and in particular online bingo we thought we too would also like to get behind the innocent gaming sites and in particular online bingo to bring news of a special report by MHA Consulting – financial crime resource and prevention organization – that the Remote Gambling Association commissioned and which thankfully seems to dispel these modern media myths.

The report published on 8th July this year focuses on the online gambling industry including the online bingo industry, and found that there was no evidence in their study to support claims that online gambling was ‘susceptible to money laundering’. The MHA report showed that far from being a cover for dishonest goings on, that through a mixture of statutory and self regulation the online bingo and gaming industry had reduced the risk of any risk of money laundering.  The report also showed that the risks of terrorist financing and money laundering being carried out were low, the reasons given were that as all players were identified by sites, bank details logged and wagering activities recorded that the likelihood of terrorists using them to launder money was very unlikely.

Backing bingo and UK gaming industry

Although the Remote Gambling Association acknowledges that there is always a risk from criminals and terrorist activities no matter what service sector, that they were pleased to see that there was little evidence to suggest that online bingo and gaming are affected, and that thankfully there is a particularly strong belief within the industry to prevent and detect any criminal activity.

So great news from the RGA, Simon Collins and Foxy Bingo and obviously for the rest of the online bingo and gaming industry, let us all hope those shocker headlines are now put to one side and the press now get behind what is an excellent, well regulated industry, one that certainly does the UK proud and generates much income for the Treasury coffers. Bingo Hideout is backing bingo, UK online gambling and of course our wonderful online bingo sites and players!

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