Georgia aims to reduce money laundering risks

Georgia aims to reduce money laundering risks

The Ministry of Finance from Georgia has presented a new initiative to reduce money laundering risks related to gambling.

Georgia.- Ivane Matchavariani, minister of Finance from Georgia, presented an initiative last week that aims to reduce money laundering risks related to gambling in the territory. He says that it is important to set new regulations in the sector.

The minister said that this initiative includes implementing a new system for the registration and verification of player identification in Georgia. It also aims to create a list of people addicted to gambling and control funds movement through identified channels.

Marchavariani said that the regulation of the gambling sector is important as it’s vulnerable to being used in money laundering schemes. The initiative would help Georgia fight illegal activity in the country.

“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,” said Matchavariani.

Gambling advertising is not permitted on the first channel

The Georgian Public Broadcasting is no longer accepting gambling advertising on the first channel. This decision took effect on January 1, with the goal to meet the requirements of society, to promote the promotion of a “healthy lifestyle.”

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