The Goa government has started to take a harder line on casino regulation recently. Casinos in Goa, both those that are land based, and those that are offshore, will now have more stringent measures introduced in order to battle money laundering, and also terror financing activities. Goa has about six offshore casinos, and more than 10 land based casinos.
The licensed casinos in Goa will now require players to fill in special forms. These Know Your Customer forms will help the casinos to keep a close vigil on the possibilities of funds being laundered through their casinos that could be used for terror activities and other illegal activities. Players and casinos are concerned that the monitoring of the Goa casinos will make them somewhat like income tax offices.
This modification to the guidelines that the Goa casinos had previously operated under is likely to cause a fair amount of frustration amongst players. The notification that was issued on Thursday explains the objectives clearly. It said: “The objective is to prevent casinos from being used, intentionally or unintentionally, by criminal elements for money laundering or terrorist-financing activities
The new guidelines have further noted: “Know Your Customer procedures also enable casinos to understand their customers and their financial dealings better, which in turn help them manage their risks prudently.”
The guidelines have explain a number of different ways in which casinos can be used to fund terror, and then continues to explain how the casino can deal with these problems. The guidelines have discussed seven specific points that show how the funding of terror can easily be linked to the casino operations.
The guidelines further go on to inform casinos that they need to appoint a management official to deal with this. The official will be the casino representative that will deal with the government’s financial intelligence agency.