Good Morning. The times they are a-changin. The rapid integration of technology, such as mirror websites, cryptocurrencies, and third-party betting software, has significantly contributed to the surge in illegal online casinos in East Asia, Jeremy Douglas, Regional Representative at the United Nations Office on Drugs and Crime (UNODC) told AGB. The UN representative discussed the findings of a report regarding the pivotal role played by casinos, cryptocurrency, and VIP junkets in fostering underground banking and crime in East and Southeast Asia.
In Macau, the investment unit of the Bank of East Asia anticipates that the contribution to gross gaming revenue per tourist in Macau may increase by 6 percent this year, while consultant Niall Murray hoped the reclaimed Macau Jockey Club land could be used for non-gaming purposes.
What you need to know
- Casinos and junkets are the backbone of underground banking and money laundering in Asia, according to the Regional Representative at the UNODC.
- East Asia Securities anticipates that Macau’s GGR could increase by 28%, reaching $29 billion this year, accompanied by a 6% rise in the contribution to GGR per tourist.
- Niall Murray laments the “abrupt” closure of the Macau Jockey Club but has high hopes for the land use to benefit diversification.
On the radar
- Macau government reveals personnel for economic diversification projects.
- India unlikely to relieve GST for the gaming industry.
- PCSO being questioned over lottery winner photo editing incident.
- Summit Ascent company secretary resigns.
AGB Intelligence
REPORT
UN rep discusses role of crypto and junkets in money laundering
Jeremy Douglas, Regional Representative at the United Nations Office on Drugs and Crime (UNODC) discussed the findings of a recent report by the agency, which claims casinos, junkets and cryptocurrency have become an important part of money laundering and underground banking operations. Douglas also discussed the challenges in determining jurisdiction, with organized crime syndicates exploiting this complexity, as seen in examples involving Macau SAR, Taiwan, Cambodia, and mainland China.
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