The Thai government\u2019s plan to fast-track a legal iGaming market has come under further attack, this time by the United Nations Office on Drugs and Crime.<\/p>\n
Prime Minister Paetongtarn Shinawatra\u2019s new government last week revealed it was working on an iGaming bill that \u201ccould be ready within a month.\u201d<\/p>\n
\niGaming market represents a major crime risk<\/p>\n<\/blockquote>\n
According to the Voice of America<\/em>, however, UNDOC Deputy Representative for Southeast Asia and the Pacific,\u00a0Benedikt Hofmann, said an iGaming market represents a major crime risk.\u00a0<\/p>\n
Hofmann said that while a legal market had benefits, it would also allow criminals to use the system for their illicit purposes, with the UNDOC representative giving the now collapsed POGO gambling model in the Philippines as a case study.\u00a0<\/p>\n
The UNDOC\u2019s warning adds to an internal shot fired against the iGaming bill by ex-senator who alleged \u201csomething suspicious\u201d about the urgency to legalize the vertical worth an estimated $2.89bn in annual revenue.<\/p>\n
Opposition mounts\u00a0<\/h2>\n
Adding to the domestic concerns over regulation voiced by ex-senator Wallop Tangkhananurak last week, who warned of a \u201ca society plagued by vices,\u201d<\/a> is Rangsiman Rome, an opposition lawmaker in Thailand\u2019s House of Representatives.<\/p>\n
Thaksin Shinawatra, former Thailand PM and the father of its current leader Paetongtarn, has used his influence in recent weeks to publicly announce his daughter\u2019s administration\u2019s pursuit of iGaming and crypto markets.<\/div>\nRome, who also chairs Thailand\u2019s Committee on National Security, said while he backs legal casinos and limited online operators, he believes Thailand currently doesn\u2019t have the capacity to safeguard its system against criminal operators.<\/p>\n
\u201cMoney laundering [\u2026] happens every day, and it looks like the Thai authorities don\u2019t know how to stop this.\u201d<\/p>\n
Hofmann can see parallels between Thailand and the Philippines<\/a>, where despite legal licensing and regulatory frameworks for gambling operators under POGO, the system was eventually hi-jacked by organized crime gangs.\u00a0<\/p>\n
Trouble with online<\/h2>\n
The UNDOC exec reiterated the threat facing Thailand, claiming the online crime operations run 24\/7 and have a global capacity that increases the volume of both legitimate and illicit funds potentially flowing through iGaming markets.<\/p>\n
\na magnet for money laundering<\/p>\n<\/blockquote>\n
Hofmann added the market would give criminal elements \u201ceasier ways to integrate crypto transactions and reduce customer touchpoints,\u201d which is a magnet for money laundering.<\/p>\n
The UNDOC representative said Thailand should therefore \u201cconsider foregoing online gambling and cryptocurrency payments altogether.\u201d Hofmann recommends Thailand focuses instead on ensuring its regulators effectively vet the investors and players seeking to enter the casino market expected to launch by 2029.\u00a0\u00a0<\/p>\n
The post UN Warns of Crime Risk Over Thailand\u2019s Plans to Fast-Track Online Gambling\u00a0<\/a> appeared first on Vegas Slots Online News<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"