Football used for Money Laundering?
According to the Financial Action Task Force (FATF), football is being used as a vehicle for money laundering.
The report issued by the FATF warns the public that football is at risk from criminals who buy clubs, transfer players and bet on the sport.
Also, the agency’s report provides an insight into tax evasion in football in UK.
It should be noted that concerns over human trafficking, corruption, drug trafficking and tax crime in the sport were raised in the report. Two previously unpublished examples of tax evasion from footballers in the UK are provided in the report, and it is indicated that in both cases the clubs were complicit in the scam.
Alltogether, more than 20 cases of football-related money laundering were detected by the FATF. The report used the information based on responses to a questionnaire received in October 2008 from government and football authorities in 25 countries.
It is important that the report provides recommendations for how football can cope with risks of money laundering as well as highlights a risk that is associated with Internet gambling.