An agreement from the Superintendency of Gambling Casinos of Chile with the Financial Analysis Unit has been updated in an attempt to prevent money laundering and terrorist financing in local casinos.
Under the terms of the updated agreement include specific inspection programmes to be carried out for Chilean gambling establishments, as well as training for UAF and SCJ officials in regards to common interest issues and promotion activities.
“The new agreement consolidates coordination between both entities. For example, it works to carry out activities to verify compliance with rules and regulations, and reinforces the information exchange related to administrative sanctioning procedures initiated at gambling casinos,” the SCJ explained.
Signed by the UAF director, Javier Cruz, and the superintendent, Vivien Villagrán, renews a Framework Collaboration Agreement which was initially begun in 2009 and follows international standards.
Cruz warned that as participants in the national anti-money laundering and terrorism financing system, casinos must implement policies and procedures to prevent and detect suspicious operations related to those crimes.
“To do this, they must not only know the risks to which they’re exposed, but also the warning signs that they should look for,” Cruz noted. “Hence the importance of the collaboration, training and supervision activities that we can develop with the SCJ and the entities that it regulates and supervises.”
Echoing the views of Cruz, Villagrán noted that “international standards require use to strengthen inter-institutional coordination” to protect the economy and country from the“serious damage caused by the money laundering crimes and terrorist financing”.
Once the agreement is updated, the SCJ will be able to formalise actions from the Action Plan of the National Strategy to counteract these problems.
Moreover, the joint work is said to provide more opportunities to exchange knowledge and good practices and “will allow the establishment of joint strategies that reduce the threats and vulnerabilities of the casino industry when it comes to money laundering, terrorist financing and corruption”.