Belarus Proposes Restricting Access to Offshore Online Gambling Platforms
Belarusian President Alexander Lukashenko has urged a ban on banks processing payments for foreign gambling operators, as revealed during a meeting with the country's Council of Ministers.
According to reports, Lukashenko advocated for banks in Belarus to refrain from facilitating such transfers abroad, arguing that funds generated domestically should be invested within the country. He also specified that any virtual gambling establishments must offer insurance to prevent underage and incapacitated individuals from participating.
Furthermore, Lukashenko suggested that such entertainment should only cater to individuals with sufficient financial means. He indicated that Belarus has prior experience in regulating the gambling industry, and encouraged the completion of all related rules.
In addition, Lukashenko proposed implementing a moratorium on gambling on credit in casinos and similar establishments within Belarus. He also advocated for family members to be granted the power to restrict gambling for individuals struggling with addiction. The revenue lost to foreign operators of gambling activities due to lost assets (apartments and cars), he emphasized, is a pressing issue that needs addressing.
It should be noted that in early 2024, the Ministry of Taxes and Levies drafted a decree to amend the operating rules for the gambling business in the country. The document was made available for public discussion.
As for the implications for banking transfers related to gambling, banking regulations and anti-money laundering legislation usually apply, often requiring financial institutions to scrutinize and report suspicious transactions, which may include those linked to gambling activities. However, the specifics of how these regulations relate to gambling transactions in Belarus are not disclosed in the provided information.
To maintain transparency and prevent money laundering, financial institutions in Belarus are expected to adhere to international standards. Any potential changes in gambling regulations could alter how banking transactions connected to gambling activities are handled, but the specifics would depend on the details of the proposed decree.
- "The President of Belarus, Alexander Lukashenko, has called for a ban on banks handling payments for foreign gambling operators, as part of his broader policy on the industry."
- "In addition to this, Lukashenko proposed that banks in Belarus should follow strict anti-money laundering legislations when dealing with transactions related to gambling."
- "The proposed modifications to the gambling industry's regulations in Belarus may require the banking-and-insurance sector to adapt their practices, especially in terms of policy-and-legislation and politics."
