Gaming industry urged to combat money laundering
THE Lotteries and Gaming Board Zimbabwe has underlined the urgent need to address the growing threat of money laundering within the gaming industry.
This illegal activity poses significant risks to both the economy and society, including enabling criminal and terrorist activities.
Speaking at a training workshop on anti-money laundering and counter-financing of terrorism in Bulawayo yesterday, Dr Misheck Pachipano Chingozha, interim secretary of the Lotteries and Gaming Board Zimbabwe, stressed the collective responsibility of compliance officers, regulators and gaming industry staff to detect, prevent and disrupt money laundering schemes.
He warned that failure to tackle this problem could result in significant economic harm.
The gaming industry in Zimbabwe, which covers casinos, sports betting, raffles, lotteries and totalisators, is facing greater regulatory scrutiny, particularly following the approval of the Lotteries and Gaming Amendment Bill.
This new legislation aims to support responsible gaming practices and adapt to evolving industry standards.
Dr Chingozha stressed the importance of operators complying with the highest anti-money laundering standards to safeguard the integrity of the gaming industry’s operations.
He also called for greater emphasis on responsible gambling, which operators should prioritise by implementing policies promoting awareness, conducting routine inspections and offering self-exclusion options for customers.
“Research estimates that between two and five percent of Global Gross Domestic Product (GDP) is lost through money laundering and financing of terrorism each year. This is why it is so important for all of us as compliance officers, regulators and staff in the gaming industry and financial institutions to come together and strengthen our anti-money laundering resolve,” he said.
Participants from the gaming industry, which encompasses casinos, sports betting, raffles, totalisator, lotto and lotteries, follow proceedings during a training workshop on anti-money laundering and counter-financing of terrorism in the gaming industry at a Bulawayo hotel, yesterday
Dr Chingozha stressed that combating these illegal activities requires collective action.
“Only by working collaboratively can we effectively detect, prevent and disrupt money laundering schemes. If this mischief is allowed to thrive, the economy will suffer greatly.
“The integrity of the gaming industry’s operations is paramount, not only for regulatory compliance, but also to improve our business conduct, share notes and best practices as we strive to maintain the trust of our stakeholders and communities.”
The new legislation is part of ongoing efforts to adapt to the evolving gaming landscape and promote responsible gaming practices.
Dr Chingozha emphasised the need for operators to comply with strict anti-money laundering standards.
“It is imperative that we adhere to the highest standards of anti-money laundering practices. This training is designed to equip you with the knowledge and tools necessary to effectively investigate the complexities of anti-money laundering regulations,” he said.
Dr Chingozha urged operators to prioritise responsible gambling in their operations. He noted that uncontrolled gambling could lead to addiction, impacting not just individuals but also families, the economy and mental health.
“Promoting responsible gambling is not just a compliance issue but a fundamental aspect of business. Operators should implement policies to promote awareness, conduct routine inspections and offer self-exclusion options to create a safer gambling environment,” said Dr Chingozha.
The workshop was attended by officials from the Financial Intelligence Unit of the Reserve Bank of Zimbabwe (RBZ), whose presentations on anti-money laundering and counter-financing of terrorism regulations further underscored the importance of combating illicit activities within the gaming sector.
Their insights helped participants deepen their understanding of the risks posed by money laundering and the need for ethical business conduct in the gaming industry.chrociles
