12th February 2019
The Bahamas Gaming Operators Association (BGOA), wishes to publically applaud the Gaming Board for The Bahamas, as the Regulator of the industry for the comprehensive report of its findings in the recently released, Anti-Money Laundering – Countering the Finance of Terrorism – The Bahamas AML/CFT 2018 Report, published on the website of The Central Bank of The Bahamas.
The BGOA, was particularly encouraged by the section of the report, headed – “Money Laundering Myths Debunked,” which stated 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.”
Additionally, the report went on to further state that “The findings do not support any assertion that gaming houses are conduits for material money laundering. The average patron account balance was $5.00 and the average transaction amount was $60.00. These sums are far too small to support any pattern of substantial money laundering.”
Mr. Gershan Major, the CEO of the BGOA, noted that, “as the industry continues to evolve and innovate, it is ever minded of its regulatory and legal responsibility, to ensure that it always adheres to international best practices and to the rule of law.”