RaceCafe..#1...Tipsters Thread.... Share Your Fancies For Fun...Lets See Who The Best Tipsters Here Are.
psyc

Anti Money Laundering and Fraud

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Has anyone given thought to how the Anti Money Laundering Act and Amendment 2017 will impact the industry. The NZRB has about 12 months to comply with the legislation that specifically targets the racing industry.

I find it amazing that a sale can go through without any paper work. How is this not condoning corruption. The NZTR and NZRB are so far behind with regulations that if one thinks about it, it becomes embarrassing. Why is it that a lease holder is recorded as an owner? Does anyone care?

 

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6 minutes ago, psyc said:

Has anyone given thought to how the Anti Money Laundering Act and Amendment 2017 will impact the industry. The NZRB has about 12 months to comply with the legislation that specifically targets the racing industry.

I find it amazing that a sale can go through without any paper work. How is this not condoning corruption. The NZTR and NZRB are so far behind with regulations that if one thinks about it, it becomes embarrassing. Why is it that a lease holder is recorded as an owner? Does anyone care?

 

The UK has brought in a very smart ex high ranking detective to investigate various suspected rorts in the sales process , and in law enforcement circles over there it's well known the betting ring is a great place for drug money to be cleansed . As time goes on the financial reporting requirements will become ever more tight.In answer to question though I  for one care about how criminal gangs launder money or if people perpetrate rorts against unsuspecting victims. Hopefully most people who love this game or business if your livelihood depends on it will.

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Often I suspect there may be money laundering going on after seeing a few odd bets being placed.

Yesterday's trots at Rangiora, a $2,000 place bet went on a 20+ race starter with a sole 3rd next to it's name. Actually sorry, it wasn't next to its name at all. Had duck's eggs next to its name. Never could anyone make a case for it yet someone plonks on $2k for the place on the tote as soon as the tote opened. The thing was paying $10's for the place on final field. It went round and never threatened at any stage of the race. Another duck's egg collected. 

Anyone with half a punting brain would have gone final field, and anyone with more than half a brain wouldn't have backed it at all. Does make you wonder who would make such a crazy bet. 

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