Illegal online betting firms act as channels for money laundering: Report
Illegal online betting and gambling companies act as channels for money laundering and terrorist financing, said a report by Rashtriya Raksha Universty's The Security and Scientific Technical Research Association.
IT Rules 2021 differentiates between permissible online real money gaming and illegal betting and gambling practices. Yet, the report suggested the need for a registration mechanism to whitelist legitimate online real money gaming platforms that operate in compliance with laws of India.
"Illegal online gambling and betting applications expose Indian digital nagriks to several security risks like cybersecurity attacks and unsafe online environments. They have also emerged as a threat to India's national security because illegal online betting and gambling websites act as channels for money laundering and terrorist financing," The Security and Scientific Technical Research Association (SASTRA) report said.
It said that the current legal and regulatory framework doesn't ...