A new Industrial and Commercial State Company to be called COLJUEGOS, under the Ministry of Finance and Public Credit, will be responsible for regulating the operation of the gambling industry in Colombia, replacing ETESA, which is in the process of being liquidated. The new body will start operations on 1 January 2012. It is hoped that it will be successful in combating illegal gambling as well as securing gaming tax compliance.
The National Government's decision is part of a restructuring of several state agencies seeking greater efficiency and control in public administration. The COLJUEGOS President will be appointed by the President of the Republic, Juan Manuel Santos, and the organization will be managed by a Board of Directors and several vice presidencies.
Juan Carlos Echeverry, Colombia’s Minister of Finance, wants to increase the present $400,000 million Colombian
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Juan Carlos Echeverry
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pesos (US$210 million) collected annually for the health and welfare of the country’s citizens from the operation of gambling and betting businesses. Stating that this amount was not adjusted to the actual revenues generated by the exploitation of gambling and betting in Colombia, Echeverry’s plan is to collect some 2 billion pesos (US$1,040 million) within a period of two years. (E-11.11.11)
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