Day: July 31, 2022

On 28 July, Doha News reported that the use of cash in transactions exceeding QAR 50,000 is prohibited in selected trading outlets, according to a new ruling from the Qatar Central Bank.  This is said to be part of efforts to combat money laundering and terrorism financing, which prohibits illegal transactions arising from money laundering, funding of terror, and any other illicit activities.  Those involved in a transaction worth QAR 50,000 or more must make payments via cheque, credit card, debit card, or bank transfer.

https://dohanews.co/qatar-tackles-corruption-with-new-ban-on-cash-transactions-over-qar-50000/

Any modest contributions for my time and ongoing expenses are welcomed!  At Buy me a Coffee one-off contributions start as low as $3, at

https://www.buymeacoffee.com/KoIvM842y

NOTE THAT THE ABOVE LINK IS NOW CORRECTED AND WORKS!

On 30 July, Yahoo News reported that France has charged 5 more children of former Gabonese president Omar Bongo in a long-running inquiry into the financing of the late president’s real estate empire, said to be worth €85 million.  They have already charged 4 other adult children, as well as a former Miss France, for allegedly accepting Parisian apartments from the late President.  Omar Bongo, a close French ally, ruled the oil-rich state from 1967 until his death in 2009, when he was succeeded by his son Ali Bongo Ondimba. He had 54 children.

https://uk.news.yahoo.com/france-charges-five-more-members-131341877.html

Any modest contributions for my time and ongoing expenses are welcomed!  At Buy me a Coffee one-off contributions start as low as $3, at

https://www.buymeacoffee.com/KoIvM842y

NOTE THAT THE ABOVE LINK IS NOW CORRECTED AND WORKS!

This report from the FATF-style regional body for West Africa, the Inter-Governmental Action Group against Money Laundering (GIABA), considers AML/CFT vulnerabilities in the casinos sector in West Africa.  In particular, the report focuses on the casino and gaming sectors in 6 GIABA Member states (Ghana, Nigeria, Senegal, Cabo Verde, Côte d’Ivoire, and Benin). GIABA says that it hopes to build on the red flags, good practices, and suggested actions identified in these reports at international level, offering a roadmap for future actions by regulators, supervisors, and operational authorities in West Africa to reinforce their AML systems.  Key deficiencies were identified in regards to legislative gaps (in particular, regarding the licensing and regulation of online casinos operating across the region); lack of domestic cooperation to license, monitor and supervise casino activity for AML purposes; and a lack of STR reporting and information sharing between casino and gaming establishments in the region and the FIU of the countries surveyed.  New trends were identified including in regards to increasing foreign acquisition of casinos, as well as foreign ownership and management of casinos across the region.  New risk indicators were identified and good practices were identified.  The report identifies 7 concrete recommendations for immediate implementation.

https://www.giaba.org/media/f/1195_CASINO_Study_GIABA_ENG_finale%203%20–.pdf

Any modest contributions for my time and ongoing expenses are welcomed!  At Buy me a Coffee one-off contributions start as low as $3, at

https://www.buymeacoffee.com/KoIvM842y

NOTE THAT THE ABOVE LINK IS NOW CORRECTED AND WORKS!