Belarus improves anti money laundering measures for gambling

Tax and Duties Ministry of the Republic of Belarus has submitted for public discussion a draft decree proposing to amend gambling law.

The document is aimed at improving the internal control system in gambling establishments to prevent the intentional or unwitting involvement of gambling operators in the process of money laundering, terrorist financing and the proliferation of weapons of mass destruction.

Taking into account legalization of online casinos in Belarus starting from April 2019, the draft resolution expands and clarifies the list of criteria for identifying suspicious financial transactions. These include depositing a financial transaction by a participant for three months or more in a gaming account without actual participation in gambling, as well as incompatibility of financial transactions with the sources and amounts of his income or the economic situation in the country.

The draft document also provides for the internal control rules for the casino operators. Thus, the gambling operators will have to both develop and implement risk management procedures associated with money laundering and also conduct a self-assessment to test involvement in suspicious operations.


Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *