Compliance Updates
Georgia’s Finance Minister Presents New Initiative to Reduce Gambling-Related Money Laundering
Ivane Matchavariani, the Finance Minister of Georgia, has presented a 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. It also 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.
“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,” Matchavariani said.
