Baltics

Head of Latvia’s FIU Says Gambling Industry has also been Used for Money Laundering

Published

5 years ago

May 19, 2020

Niji Narayan

Head of Latvia’s FIU Says Gambling Industry has also been Used for Money Laundering

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Ilze Znotina, Head of Latvia’s Financial Intelligence Unit (FIU), has revealed in an interview that the Latvian gambling industry has also been used for money laundering.

“Unfortunately, it is clear that the gambling sector has also been used for money laundering purposes,” Znotina said.

Znotina, however, said she could not reveal the details, and that the conclusions and results would be released later.

Znotina said that the FIU had developed very close and successful cooperation with the Lotteries and Gambling Supervision Inspection. However, the gaming industry is large, it turns over a lot of money and there are some companies in the industry that have come under close scrutiny.

The work that the FIU is currently doing could lead to changes in the supervisory and crime prevention systems, Znotina said.

Nevertheless, the banking sector will always be the main platform through which attempts are made to launder money, Znotina explained.

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.