Northern Cyprus casinos on money laundering radar

Northern Cyprus casinos on money laundering radar

According to the State Department’s Bureau of International Narcotics and Law Enforcement Affairs, there are still areas of concern in the casino segment.

A US State Department has announced it remains concerned about potential money laundering in Northern Cyprus casinos.

Northern Cyprus.- Money laundering in the gaming industry is a top concern for administrations worldwide and Northern Cyprus casinos remain in the crossfire. According to the State Department’s Bureau of International Narcotics and Law Enforcement Affairs, there are still areas of concern in the casino segment.

The bureau explained anti-money laundering (AML) measures in Northern Cyprus casinos weren’t enough to effectively prevent the practice.

“The casino sector and the offshore banking sector remain of concern for money laundering abuse,” the report said.

According to experts, law enforcement resources are not enough to cover the 34 venues in Northern Cyprus, making it “vulnerable to money laundering.”

“The unregulated money lenders and currency exchange houses are also areas of concern,” the US authorities explained. “The area administrated by Turkish Cypriots lacks the legal and institutional framework necessary to prevent and combat money laundering. Inadequate legislation and a lack of expertise among members of the enforcement, regulatory, and financial communities restrict regulatory capabilities.”

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