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Head of Latvia’s FIU Says Gambling Industry has also been Used for Money Laundering

 Head of Latvia’s FIU Says Gambling Industry has also been Used for Money Laundering
Head of Latvia’s FIU Says Gambling Industry has also been Used for Money Laundering
Head of Latvia’s FIU Says Gambling Industry has also been Used for Money LaunderingReading Time: < 1 minute

 

Ilze Znotina, Head of Latvia’s Financial Intelligence Unit (FIU), has revealed in an interview that the Latvian gambling industry has also been used for money laundering.

“Unfortunately, it is clear that the gambling sector has also been used for money laundering purposes,” Znotina said.

Znotina, however, said she could not reveal the details, and that the conclusions and results would be released later.

Znotina said that the FIU had developed very close and successful cooperation with the Lotteries and Gambling Supervision Inspection. However, the gaming industry is large, it turns over a lot of money and there are some companies in the industry that have come under close scrutiny.

The work that the FIU is currently doing could lead to changes in the supervisory and crime prevention systems, Znotina said.

Nevertheless, the banking sector will always be the main platform through which attempts are made to launder money, Znotina explained.

Zoltan Tundik

After starting out as an affiliate in 2009 and developing some recognized review portals, I have moved deeper into journalism and media. My experience has lead me to move into the B2B sector and write about compliance updates and report around the happenings of the online and land based gaming sector.

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