As part of broader reforms in legislation to prevent money laundering, the Honduras National Congress last week approved changes in the control and supervision of casinos and gaming operations in the country. It falls upon the Comision Nacional de Bancos y Seguros (CNBS) to control the flow of foreign currency into the country from all people and all businesses through registration and supervision.

According to the legal reform, ‘casinos and anyone dedicated to the exploitation of gaming, lotteries, and slot machines must submit reports of foreign currency transactions" to the CNBS Financial Information Unit. Gustavo Alfaro, president of the bank and securities commission said that the legislation change is an important step for the prevention of money laundering in the Central American country.

On related legislation received by the National Congress, Armando Sarmiento, Director of National Revenue, said that the white paper on Anti Evasion Law includes amongst other proposals the lifting of bank secrecy clauses for people or organizations investigated by the Attorney General's Office. It falls within the CNBS's jurisdiction to perfect this aspect of the new law. Part of this law has been designed to control gaming business people and operations that export cash without supervision, and may be able to engage in money laundering and tax evasion. (S-02.04.08)

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