The Colombian Special Administrative Unit for Information and Financial Analysis – known by its local initials UIAF – has published a report stating that the large cash flows handled by casinos and other gambling venues are a propitious environment for illicit acts. This alludes to money laundering activity, much of which stems from drug related sources. Just as in many other countries round the world, Colombia wants to tighten existing loopholes in laws regulating financial institutions and other industries such as gaming and real estate.

The Office of the Secretary to the Treasury is in charge of the controls on games of chance and must detect and prevent money laundering taking place. A new regulation has now come into force, whereby all transactions of 10 million pesos (US$4,450) or more in a single day must be reported. The owners of businesses involved in casinos, lotteries, horse racing and bingos are now under the legal obligation to file a monthly report.

The monthly report to the Colombian authorities must also name anyone that has made cash transactions of over 54 million pesos (US$24,000) during the month. A recent study by the National Consultancy Centre showed that annual sales by the gambling industry, have reached 3 billion pesos (US$1.3 million). The dynamism of the Colombian gaming industry has prompted many major manufacturers to open offices and assembly plants in the country, which is strategically placed to serve the rapidly growing Latin American gaming market. (E-03.02.07)

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