According to a current report by experts, Lithuanian online casinos, bookmakers, and offline venues are at a high risk of money laundering. The analysts stated that the risk of money laundering for land-based casinos in Lithuania on a scale of 1 to 4 is estimated at 4, for lotteries – at 2, and for the online gaming, slot machine simulators, online betting at 3.
The report states that most of the operations at the casinos are based on a substantial amount of cash flows that can easily entice organized crime groups, politically significant persons, and other illegal groups.
The online gambling industry is prone to money laundering mainly because of the high volume and fast execution of transactions, as well as low identification requirements, which can allow organized crime groups to convert illegal funds into legitimate gambling earning quickly according to the report.
Additionally, the report states that the gambling supervisory authority in the country is not sufficiently prepared to deal with the threat of money laundering in casinos due to a lack of human resources in the department.
To prevent the anticipated consequences, the analysts recommend the introduction of debit cards by the casinos, slot machines, and bookmakers. Through the use of these debit cards, it will be easy to set limits on cash deposits, control gaming activities, and track all transactions.