NSW Make Reforms to Counter Money Laundering and Gambling
The New South Wales government embraces new reforms to counter the issue of money laundering and gambling with the “cashless gaming” system.
The New South Wales government has issued a new set of laws for limiting problem gambling and money laundering by implementing a “cashless gaming” system linked to pre-commitment on the state’s tremendous poker machine business.
This new system will require users that use Pokies in NSW to provide high-integrity ID, set a limit for their losses and link to a personal bank account.
The changes will be one of the biggest gambling reforms NSW is effectively the heartland of Australia’s Pokie business. These reforms are to protect people while stopping money laundering.
Pre-commitment involves requirements that every person that registers a Pokie use account in the NSW should set a personal limit on losses for a specific time period i.e., a day, week, month, or year. These limits can be lowered at any time but only increased once in seven days.
According to Dominic Perrottet, the Premier of New South Wales,
“Today we make a once-in-a-lifetime change to create a better NSW. We address the number one recommendation from the Crime Commission and we will end money laundering in pubs and clubs while protecting jobs and supporting communities.”
“We will also ensure people using poker machines receive more support, if they want it, to deal with problem gambling. Pubs and clubs are the lifeblood of so many communities across NSW and I want them to thrive, continue to grow and be a place for fun and enjoyment for everyone.”
“My government will walk with our pubs and clubs every step of the way on this transition,” He added.
We’re embarked on one of the biggest gambling reforms ever undertaken in Australia to fix money laundering and problem gambling. #nswpol pic.twitter.com/h3lVGOiXL0
— Dominic Perrottet (@Dom_Perrottet) February 6, 2023
The new system is set to be live over a five-year time frame. Most of the Pokies in NSW can be updated with new software and hardware to enable intended working. All the machines in NSW are linked to the statewide monitoring system, mostly to protect revenue, but they can be upgraded to support the new proposed system.
Some technical issues are serious but not impossible to be fixed. If implemented successfully, these reforms will produce desired results.
The Minister for Hospitality and Racing Kevin Anderson said: “These historic reforms are the most comprehensive in the country and through our Transition Taskforce we will work closely with the community and pubs and clubs throughout the rollout.”
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NSW GAMBLING LAWS INCREASE RISKS OF MONEY LAUNDERING, SAYS THE STATE’S CRIME COMMISSION
