NASSAU, BAHAMAS — Central Bank Governor John Rolle said yesterday the risks for money laundering via gaming and money transmission businesses are “under reasonable control”.
A recently released US government report has called for greater focus on online gaming and money transmission businesses to combat financial crime.
The sums involved…are too small to support material money laundering.
– Central Bank Governor John Rolle
The International Narcotics Control Strategy Report (INCSR) identified online gaming/casinos and money transmission service providers as “vulnerabilities” with regards to countering money laundering and the financing of terrorism.
Rolle told Eyewitness News: “Although gaming and MTBs are potential risks, we consider that in The Bahamas, these risks for money laundering are under reasonable control.
“Gaming and money transmission are clearly potential risks globally, particularly in countries with outdated or deficient controls. However, The Bahamas has modern controls on both gaming and money transmission.
“The Central Bank and the Gaming Board have looked closely at domestic gaming/web shops. The sums involved — under $5 average account balance and typical $50 transaction amount — are too small to support material money laundering.”
The recent report noted: “As an international financial center, the country (Bahamas) is vulnerable to money laundering in financial services, real estate, online gaming/casinos and money transmissions.”

It added: “Greater focus on small money transfers and online gaming sector vulnerabilities is needed.”
Rolle said: “The Gaming Board looks closely at casinos. Our understanding is that the problematic behaviors seen offshore, particularly with junkets, are not allowed in The Bahamas.
“MTB business here is relatively small and focuses on obvious flows to and from the Bahamian, Haitian and Jamaican diaspora communities. Average transactions here are around $300, and every sender and recipient is identified.
“To give a sense of scale — both gaming and MTBs generate around $300 million in annual flows to the banking system, whereas the annual Bahamian SWIFT flow exceeds, we are told by SWIFT, $10 trillion.”