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Casinos, betting shops targeted for more money laundering scrutiny
As the noose continues to tighten on money laundering, the Gaming Authority has announced a tougher regime for the sector.
In early 2022, less than three years’ time, the Caribbean Financial Action Task Force (CFATF), which monitors member states and make pronouncement on their money laundering fight, will be evaluating the gaming sector.
Minister Dawn Hastings-Williams and other officials of the Gaming Authority yesterday.
Guyana, with its single casino at Providence, and with betting shops and other operations, will be readying itself for those “mutual evaluations”.
Failure to get the house in order could see Guyana facing a poor categorisation, which in turn could impact funding and good standing with donor agencies.
The gaming sector is considered high risk when it comes to money laundering.
Yesterday, the Gaming Authority held a stakeholders’ forum at The Pegasus, with representatives of the entity, the Financial Intelligence Unit and others gathered.
The event is part of the preparations for the first quarter of 2022 when CFATF will be holding the evaluations for Guyana.
The country of course would want a clean bill of health.
According to Chief Executive Officer of the Gaming Authority, Lloyd Moore, national assessments have identified the ga
CEO of the Gaming Authority, Lloyd Moore, addressing the gathering
ming sector as a high-risk sector. He explained that the authority has been given supervisory mandate over the sector, which includes casinos, lotteries and betting shops.
As part of the responsibilities, the Gaming Authority has to help make preparations, as well as provide training and monitoring for the sector.
The stakeholder forum, he explained, forms a part of the preparatory process allowing reporting entities to understand of the role and responsibilities of preparing for the 2022 evaluations.
According to Moore, there are currently 11 licensed reporting entities in the gaming sector.
Speaking to reporters after the first session, Moore disclosed that the authority is stressing on ensuring it knows early who are the beneficial owners and directors, as part of the monitoring phase.
The monitoring can see verbal or written warnings, and later escalate to even revocation of licences, Moore said. He said that part of the monitoring includes looking for sudden injections of funds and increases of wealth for the parties involved.
In her address, Minister of State, Dawn Hastings-Williams, said the government and President David Granger have in
Stakeholders at the forum at Pegasus Hotel yesterday.
sisted that the rule of law must be strengthened to fight financial crimes.
She noted that the President in his address to a CFATF plenary meeting in November 2017 had made the same call.
According to the Minister, money laundering is all about deception, with the aim to mislead the authorities about the existence of illegal sources of income and the subsequent processing of that income to make it appear to be legitimately earned.
In fact, she reminded, money laundering plays a critical role in furtherance of drug traffickers, terrorists, organised crime and tax evaders.
She urged the stakeholders to ensure that the sector does not succumb to money laundering.
According to the Minister, it is a fact that with new economic developments, new industries will emerge, which by extension will pose new challenges.
She encouraged the stakeholders to have more dialogue, which would ultimately lead to more definitive action.
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