The gambling industry has been used to launder money – Exploration Latvia
Latvian gambling sector used to launder means extracted by dishonest means. In an interview with LETA was declared the head of the Financial Intelligence Unit (FIU) Ilze Znotinya. The Minister referred to the in-depth analysis of the data.
Znotinya also stressed that at the moment SFR is not ready to reveal all the details and findings and results will be announced later.
Head of the agency was paid to the fact that the work of the sector regulator have no complaints, on the contrary, there is a close cooperation. However, she said that since the sector is a large-scale, and cash flows – large, some individual market players should be given increased attention. She added that while more will not comment on the situation, but praised the study itself and said that the findings could be used to improve the effectiveness of supervisory functions in relation to the segment.
Also, according to her, one way or another major platform for money laundering is the banking sector. It is through the financial institutions often try to legalize money ill-gotten https://getcasinoslots.com/free-online-slots/neon-staxx-online-slot/.
By the way, in Latvia already reported about the mass layoffs of employees of collective gaming areas related to pandemic coronavirus. Details – here.
But the head of the gambling regulator Signe Byrne said that since the gambling industry is associated with many risks against the backdrop of a large number of transactions with cash, the industry was initially included among the entities referred to in the directive to combat money laundering.
Byrne added that in 2018 the gambling regulator has spent 31 checks gambling operators. The main emphasis was placed on the internal control systems. As a result of inspections it revealed that 23 companies need to fundamentally improve the data system.
In addition to exercising direct control, the representatives of the regulator engaged in educational activities – 39 trainings were organized in the past year, which were attended by 229 representatives of the market. The amount of fines for violation of regulations on combating money-laundering was € 56,641.
Recall that the statement by the head of the FIU followed after the publication of information that another lawsuit against Latvia was filed. It is known that the proceedings in the Constitutional Court will be dedicated to the introduction of a temporary ban on the work of the operators of online gambling. Read more about it – in the material.
See also: KYC and AML: links in a chain of regulatory
See also: Gambling Market in Latvia: at the forefront – the importance of the players and the responsibility of the operators
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