Money laundering news 06/07/09 Football regulations may not recognise proceeds of crime

A report released this month by the Financial Action Task Force (FATF) has warned that football is at risk from criminals using the sport for money laundering purposes.

The body singles out football as being the largest sport in the world, with more than 250 million players and over a billion viewers for the most important games - and goes on to show that the sports regulatory structure may not be able to identify people investing the proceeds of crime into the football sector.

The analysis provided by the FATF is the result of engagement with football governing bodies, such as UEFA and FIFA, and supplies examples of weaknesses in the sports regulation that could be exploited. It also identifies several cases of actual and potential money laundering offences within the sport.

It is hoped that the report will raise the profile of the risks of money laundering in football, and sport regulation in general, so that those who make and enforce the relevant law can do so better, through a programme of anti-money laundering training, education and policy development.

News « Proceeds of Crime news - Football at money laundering risk

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