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The world of sport seeing as a major money laundering risk… again?

Brussels. A Commission Staff Working Document was analysed by the recently as part of a larger set of reports on the impact and assessment of Money Laundering within the Union.

The report reaches the conclusion that major sport, agents for sport celebrities and other contracts linked to the business of entreatment in sports represent a high risk of money laundering within the union.

Similar conclusions have been reached in the past by relevant investigators in 2007 (EU in corruption) and 2009 (FATF).

In the past, the FIFA has been noted for corruption and some of the Association’s officials have faced criminal proceeds.

The report makes a comprehensive analysis of a number of sectors, including finance, free trade zones, gambling, investment programs granting residency and or citizenship.

The comprehensive analysis should be incorporated ib the national risk assessment of Member States and therefore applied (as relevant) by EU based professionals.

Source

https://ec.europa.eu/info/sites/info/files/supranational_risk_assessment_of_the_money_laundering_and_terrorist_financing_risks_affecting_the_union_-_annex.pdf

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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