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Gaming operators association lauds Gaming Board for findings on AML/CFT

Gershan A. Major.

The Bahamas Gaming Operators Association (BGOA) is applauding its regulator the Gaming Board of The Bahamas for its recent findings related to anti-money laundering/combating the financing of terrorism (AML/CFT), which debunk the myth that gaming houses can be used for money laundering.

The BGOA, in a press release issued yesterday, lauded the findings of the Gaming Board in the Group of Financial Services Regulators’ (GFSR) Bahamas 2018 AML/CFT Report, on The Central Bank of The Bahamas’ (CBOB) website.

Chief Executive Officer of the BGOA Gershan Major said the industry is always mindful of its obligations, especially given its position within the realm of financial services.

“As the industry continues to evolve and innovate, it is ever mindful of its regulatory and legal responsibility, to ensure that it always adheres to international best practices and to the rule of law,” Major said.

“The findings of the report further reinforces the BGOA’s longstanding position that as a highly-regulated industry, it takes very seriously the execution of its corporate governance policies and procedures, as part of the financial services sector.”

The report determined that gaming houses are free from the threat of money laundering or terrorist financing, finding that most gaming houses have an average account balance of $5.00 and an average transaction amount of $60.00.

The report also found that: “At the outset, it is important to note that gaming houses cannot be used to facilitate international transfers. There are no funds flowing from outside The Bahamas into patron accounts, neither are there any funds flowing from patron accounts outside The Bahamas.”

It added: “The findings do not support any assertion that gaming houses are conduits for material money laundering.”

The BGOA is a non-profit organization that represents the majority of the gaming houses. Its objectives are to promote awareness and education of the industry and advocate for fair and equitable public policy, regulation and legislation, based on factual data and research.