Chile ramps up anti-money laundering efforts with cooperation agreement

| By Marese O'Hagan
The director of the Chile's Financial Analysis Unit (UAF) and the Superintendencia de Casinos de Juego (SCJ) have signed an updated agreement to prevent money laundering in casinos.

Javier Cruz of the UAF and Vivien Villagrán of the SCJ signed the agreement to solidify collaborative efforts between the two organisations to comply with anti-money laundering endeavors.

As per the agreement, gambling facilities will be subject to inspection programs and UAF and SCJ officials will undergo relevant training.

“Gambling casinos are one of the actors in the National Anti-Money Laundering and Terrorism Financing System, and as such they must implement policies and procedures to prevent and detect suspicious operations related to both crimes,” said Cruz.

“Hence the importance of the collaboration, training and supervision activities that we can develop with the SCJ and the entities that it regulates and supervises.”

In addition, the agreement will give the SCJ the right to outline necessary measures in Chile’s Action Plan of the National Strategy to combat money laundering.

“International standards require us to strengthen inter-institutional coordination in order to protect the economy and the country from the serious damage caused by the crimes of money laundering and financing of the terrorism.” said Villagrán.

This week, the SCJ reported slow progress in the recovery of Chile’s casino sector in June.

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