Ministry of Finance presents new initiative to reduce money laundering risks related to gambling
The initiative includes the implementation of a new system for the registration and verification of the identity of players. Photo: BPN.
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Minister of Finance Ivane Matchavariani presented a new initiative earlier today to reduce money laundering risks related to gambling in Georgia.
The initiative includes the implementation of a new system for the registration and verification of the identity of players.
Also, it aims to create a list of people addicted to gambling and to control the movement of funds through identified channels.
Matchavariani said that the regulation of the sector is important as the sector is vulnerable to being used in money laundering schemes.
He said that the issue of monitoring the gambling sector is quite complex.
There are many examples in the world when an incorrectly regulated gambling sector did more harm to society, and [can give rise to] illegal activity…That is why it is important to find the golden average of the regulation that achieves goals and avoids negative factors such as criminal growth,” said Matchavariani.
He noted that an agreement on the latest version of the regulation will be reached soon.
The Georgian Public Broadcaster (GPB) has refused to release gambling commercials starting January 1, 2020 to “respond to the public demand” and “fight with the dependence on gambling that has become a serious problem in the country.”
The Ministry of Defence of Georgia has developed new rules and strengthened existing rules where members of Georgia’s Armed Forces (GAF) will be immediately dismissed if they’re found to be under the influence of alcohol or engaged in gambling.
Hong Kong-listed company MelkoLot Ltd is coordinating investments for a new casino project in Tbilisi, Georgia’s capital.
Georgia’s seaside resort Batumi will become a networking haven to over 150 gambling professionals representing upwards of 20 countries to share ideas about current trends in the gambling business.
Police have detained three individuals for abuse of power, illegal entrepreneurship and money laundering in Georgia’s eastern Kakheti region.
The General Prosecutor's Office of Georgia is investigating a potential money laundering case concerning transactions worth tens of millions of US dollars in various currencies. As part of the investigation the officers of the General Prosecutor's Office of Georgia searched several objects in Tbilisi to confiscate documents and electronic devices.
The General Prosecutor's Office of Georgia has uncovered a transnational fraud scheme and launched criminal prosecution against two individuals.
Georgian Prime Minister Irakli Garibashvili says the government has plans to increase fees for online gambling businesses – which are mostly foreign owned – as well as to ban ads, and increase the lower age limit for gamblers to 25 years.
About one million Georgian citizens will be banned from online gambling and will not be allowed in brick and mortar casinos, Georgian Prime Minister Irakli Garibashvili stated earlier today.