According to an announcement from the Ministry of Finance of Georgia, Deputy Ministry of Finance Mikheil Dundua on Monday met with representatives of the country’s gambling business to discuss the sections related to the industry in the European Union’s 12-point conditions for granting the nation the membership candidate status.
The discussion involved a review of articles in the 2014 EU-Georgia association agreement on strengthening supervision of the gambling business in accordance with regulations of the financial action task force, an intergovernmental organization combating money laundering and funding of terrorism.
“Member states of the Council of Europe’s committee of experts on the evaluation of anti-money laundering measures and the financing of terrorism (Moneyval), Georgia among them, are obliged to license online and other gambling, including those onboard ships,” the state body noted.
The ministry stressed that according to the fifth round report of Moneyval, it was responsible to define anti-money laundering policy, strengthening supervision of the gambling industry, and promoting the formation of the appropriate legislative base.
“Considering its own competencies, the ministry of finance is actively participating in the developing of the national plan against money laundering and terrorism financing, and is closely cooperating with relevant state agencies”, the ministry added.
The parties also discussed the further refinement of restrictions on access to foreign online gambling resources, adds Agenda.ge. Georgian prime minister Irakli Garibashvili suggested last year to increase fees for online gambling businesses – which were mostly foreign-owned – as well as ban ads, and increase the lower age limit for gamblers to 25 years. According to Garibashvili, about $527 million “flows out of the country annually” due to online casinos.
