Topic: Money-laundering and its prevention.
Q6. “The rapid growth of the Indian online gaming sector presents challenges in financial integrity and cybersecurity”. Analyze the risks posed by money laundering and terror financing in this sector and propose interventions to address these threats. (15 M)
Difficulty Level: Tough
Reference: TH
Why the question
The report titled ‘Combating Money Laundering in Online Gaming Ecosystem’ – the use of international online betting sites both for the purpose of money laundering and terror financing had become a key trend in cybercrime.Key Demand of the question
Identify the risks of money laundering and terror financing in the online gaming sector. Propose interventions to mitigate these threats.
Structure of the Answer:
Introduction
Briefly introduce the growth of the Indian online gaming sector and highlight its associated challenges.
Body
- Analyze the specific risks posed by money laundering and terror financing in the online gaming ecosystem.
- Suggest regulatory interventions (e.g., stricter KYC norms, whitelisting operators).
- Suggest technological interventions (e.g., blockchain, AI for transaction monitoring).
Conclusion
Emphasize the importance of a balanced regulatory and technological framework to ensure the sustainable growth of the online gaming sector, safeguarding financial integrity and cybersecurity.
