"The Gambling Commission has demanded a UK bookmaker hand over a trove of financial documents after the company accidentally disclosed information suggesting it may be running an illegal offshore betting operation. The Guardian understands that the company, which sponsors sporting events and boasts connections to high-profile figures in sport and politics, is the subject of early inquiries that could lead to a full-blown investigation."
"Sources said the company, which takes billions of pounds of bets from British punters every year, inadvertently alerted the Gambling Commission to potential wrongdoing during a routine disclosure of documents required by the regulator. The company mistakenly included documents indicating it had been transacting with entities based overseas, sources said. Details were written in white text on a white background but were spotted by staff at the regulator."
The Gambling Commission has demanded extensive financial records from a major UK bookmaker after routine regulatory disclosures contained documents indicating transactions with overseas entities. The bookmaker sponsors sporting events and has links to prominent figures in sport and politics. The company handles billions of pounds in bets from British customers annually. The inadvertent inclusion of offshore transaction records, written in white text on a white background, prompted regulator scrutiny. Regulators are investigating whether high-value VIP customers were directed to offshore partners to avoid regulatory checks and taxes. Offshore betting operations often evade UK gambling duties, corporation tax, and robust anti-money-laundering and safer gambling controls. Any finding of involvement in offshore activity could lead to serious repercussions for the company.
Read at www.theguardian.com
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