The Director General of the National Lottery Regulatory Commission, Lanre Gbajabiamila, has called on African countries to address the challenges of money laundering, terrorism financing, and syndicate gaming in the gaming industry.
He made this call at the 2023 International Gaming Regulators Association Conference in Botswana, where he presented a paper on the topic.
According to Gbajabiamila, the gaming industry in Africa has great potential to contribute to economic growth, government revenue, employment, foreign investment, tourism, and technological advancement. However, he warned that the industry also poses risks such as money laundering, which allows criminals to disguise their illegal funds as legitimate winnings from gambling activities. He added that terrorists can exploit this industry to finance their operations covertly.
Gbajabiamila highlighted the need for synergy among African states and the adoption of robust global standards to monitor and prevent money laundering and terrorism financing in the gaming industry. He said that these threats can undermine the benefits of the industry and jeopardize the security and stability of the continent.
He commended the establishment of the Africa Gaming Regulators Association and the West Africa Gaming Regulators Association, which he said will facilitate regional cooperation and collaboration among gaming regulators.
He urged them to work together to develop and implement effective policies and regulations to safeguard the integrity and sustainability of the gaming industry in Africa.