GERMAN CITY TO SHUT ALL BETTING SHOPS AMID MONEY LAUNDERING ALLEGATIONS

On 28 July, the Guardian reported that Bremen, Germany’s smallest city-state, is planning to shut down all of its betting shops after the state’s interior senator said their owners had failed to convince him that they were not fronts for money laundering.  The betting shops have until 5 August to legally challenge the decision or supply the senate with paperwork showing how they obtained their start-up capital to open their businesses in the first place, such as a loan agreement with a bank.  Bremen authorities say they are tackling a problem that is not unique to their city but widespread across Germany.

https://www.theguardian.com/world/2022/jul/28/germany-bremen-shut-all-betting-shops-money-laundering-allegations

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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