Reps seek measures to halt money laundering through gaming

In order to checkmate money laundering in the gaming industry, the House of Representatives has urged the National Lottery Regulatory Commission to ensure that all gaming operators in Nigeria integrate the National Identity (NIN) in their data collection for the verification and identification of customers.

The call was made after a motion sponsored by Hon. Ibrahim A. Isiaka was adopted at the Thursday plenary.

Presenting the motion, Hon. Isiaka noted that the global gaming market is undoubtedly a huge one estimated to generate between $400 to $500 billion yearly and with the consistency of the current trends, by 2022, it is set to be worth around $565 billion with increasing amounts of revenues coming from online gaming in its many forms.

He expressed reservations that when such large amounts of money are exchanged and transacted quickly through relatively anonymous interactions, there is a significant risk that criminals will be tempted to use the situation for money laundering.

“Mindful that with age-restricted businesses like casinos and online gaming platforms, the critical barrier to entry for customers is age and identity verification, therefore there is an increased need for such verifications in virtual situations in order to secure both the customers and the operators.

“Cognisant that one of the basic purposes of the National Identity Number is for identification, as it not only serves to identify the individual holder but also curbs duplication of identities,” he submitted.

The motion was unanimously adopted and the House committee on governmental affairs mandated to follow up.




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