Danish Gambling Authority highlights high-risk jurisdictions : Report

Adding Lebanon to its restricted list , the gambling authority and regulator from Finland has added 40 countries and their platforms in the fatf grey list which allow them to restrict such countries actually indeed , the regulator has been working since 2001 has now many countries on the fatf grey list and those countries include :

Algeria, Angola, Bulgaria, Burkina Faso, Cameroon, the Ivory Coast, Croatia, DR Congo, Haiti, Kenya, Lebanon, Mali, Monaco, Mozambique, Namibia, Nigeria, the Philippines, South Africa, South Sudan, Syria, Tanzania, Venezuela, Vietnam and Yemen.

The restrictions have become pretty much in favor of the community allowing the gambling spend decreased by 3% due to these developments

 

[CR7]

It is indeed a significant move by the Finnish gambling authority to add Lebanon to its restricted list, along with 23 other countries on the FATF grey list. This action demonstrates the commitment of the regulator to ensuring a safe and responsible gambling environment by mitigating risks associated with jurisdictions that pose a higher threat of money laundering and other illicit activities.

The FATF grey list includes countries that are identified as having strategic deficiencies in their anti-money laundering and counter-terrorist financing frameworks. By restricting operators from these countries, the Finnish regulator aims to protect consumers and uphold the integrity of the gambling industry.

The impact of these restrictions is evident in the reported decrease of 3% in gambling spend attributed to these developments. This indicates that measures taken by authorities to regulate and restrict operations from high-risk jurisdictions can have a tangible effect on curbing potential risks and enhancing consumer protection.

It will be interesting to see how these restrictions continue to evolve and their effectiveness in safeguarding the industry and players from illicit activities. The proactive approach taken by the Finnish regulator should serve as a benchmark for other authorities to prioritize safety and security in the gambling sector.