According to Maira Martini, director of anti-money laundering at the non-governmental organization Transparency International, casinos often choose to “turn a blind eye” to the sources of customer funds, given the risks associated with facilitating the shadow economy. Question: How does money laundering work in a casino? Answer: A client can come to the casino with “dirty” money, i.e. obtained as a result of illegal activities such as drug dealing or human trafficking and no one in the establishment will ask him any questions, and from the moment the client starts participating in the games and winning, the money becomes “laundered” because then they can officially declare what their source is, as they have a specific source.
For example, let’s say an employee earns a thousand euros a month, he cannot justify buying a house worth a million euros, otherwise he will be suspected of taking a bribe, but if he indicates that he earned this money in a casino, then he can spend this money without any or problems. But: are casinos connected to the shadow economy? Answer: In many European Union countries, casinos are subject to strict anti-money laundering regulations. But sometimes compliance with these rules is called into question, because it is not necessarily in their favor: it can scare customers, for example, those who, although not breaking the law, do not want to disclose the source of the money they want to spend. for toys. Thus, if there is no country that enforces these rules, a connection can be made between the shadow economy and casinos, because casinos are often willing to turn a blind eye and not conduct a thorough study of their customers’ background. is usually the link between illegal activity and the casino.
For example, Cyprus is considered a country that attracts corrupt officials because it still has a culture of secrecy, as well as the reality of the laws: are they enforced? Does the state take action in case of suspicion or impose sanctions on the persons concerned?
So far, we have not seen a strong (state) response to money laundering in Cyprus. Things are certainly improving, but Cyprus is very late with the implementation of new European anti-money laundering laws.
