Coaf president says licensed betting operators filed required disclosures
Regulation1 min read
Coaf president Ricardo Saadi said licensed betting companies in Brazil were making disclosures required by sector rules, although reporting practices were still developing. He said money-laundering cases involving betting were mainly linked to unregulated platforms, and reported that Coaf receives about 7.5 million disclosures a year across obligated sectors.
Licensed betting companies in Brazil were making the disclosures required by sector rules, Coaf president Ricardo Saadi said in a newspaper interview. Saadi said regulated, legitimate betting operators were reporting, although still in a maturing process, and that some reported better than others.
Reports from other sectors pointed to money laundering by unregulated betting operators, Saadi said. He said betting operators were heavily involved in money laundering and other crimes, mainly among unregulated operators. An irregular operator could, for example, transfer funds through an account in a bakery's name.
Sports betting and online gaming sites were suspended nationwide under a provisional measure issued by the government on 25 September.