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Scheduled re-opening of land-based betting shops on 15 June and new £20 notes

15 June 2020

The recent government announcement of the re-opening of ‘non-essential’ shops on 15 June includes land-based betting shops.

The recent government announcement of the re-opening of ‘non-essential’ shops on 15 June includes land-based betting shops.

Gambling businesses are reminded of their mandatory responsibilities under the Gambling Act 2005, the Licence Condition and Codes of Practice (LCCP),  the Proceeds of Crime Act 2002 (POCA), The Terrorism Act 2000 (TACT) and other applicable laws to keep crime out of gambling.

Linked to the above point regarding the re-opening of some land-based businesses, on the 20 February 2020 the Bank of England launched the new polymer £20 note. Although the old paper £20 note continues to be accepted as legal tender, it will eventually be removed from circulation.

During the transition from the paper note to the polymer note, individuals with quantities of the paper £20 note, including notes that may be the proceeds of crime, are likely to try to exchange them before they are removed from circulation.

Where gambling businesses and their frontline staff have knowledge or suspicion of money laundering or terrorist financing involving the old paper £20 note, they must submit suspicious activity reports (SARs) to the UKFIU in the normal way.

More information about the new polymer £20 note can be found on the <a href="https://www.bankofengland.co.uk/banknotes/polymer-20-pound-note"target="_blank" rel="noreferrer noopener>Bank of England’s website (link opens in a new window).

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