RUSSIA

Russia bans offshore gambling operators

Russian President Vladimir Putin signed a law that prohibits the work of lottery operators and bookmakers registered in offshore zones.

The amendments were adopted by the State Duma on July 7 and relate to the federal law on lotteries, sports betting, and other types of gambling. The main purpose of the document is to improve the system of combating money laundering via illegal activities.

Now companies, whose founders or beneficiaries include previously imprisoned persons, will not be able to run gambling business and cooperate with national operators on the territory of the Russian Federation. Also, operators will be excluded from operation in Russia if registered in the countries with preferential tax rates ar no obligation to provide the regulatory authorities with data on account transactions. The list of offshore zones was previously approved by the Ministry of Finance.

The new rules will take effect on October 18 this year. Offshore bookmakers and lottery operators are obliged to stop activities in the Russian Federation until this moment.

 

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