Lanre Gbajabiamila, the Director General of the National Lottery Regulatory Commission (NLRC), delivered a compelling presentation at the 2023 International Gaming Regulators Association (IGRA) Conference in Botswana to address the mounting challenges facing the African gaming industry.
In his presentation, Gbajabiamila emphasized the urgency of addressing issues related to money laundering, terrorism financing, and syndicate gaming, which threaten the gaming industry’s potential in Africa.
He highlighted that the African gaming industry has already demonstrated its ability to boost economic growth, create jobs, attract foreign investments, and promote tourism.
However, challenges mar the rapid expansion that require immediate attention.
Terrorists can potentially exploit the gaming industry to finance their operations covertly, and money laundering poses a significant risk.
Criminals can use the industry to disguise illegally obtained funds as legitimate winnings from gambling activities.
Gbajabiamila stressed the need for stringent regulations to combat money laundering while fostering innovation within the gaming sector.
He discussed several critical issues, including the lack of synergy among African states and the absence of robust global standards for monitoring money laundering.
Regulatory disparities among African nations create vulnerabilities that criminals can exploit.
To address these challenges, Gbajabiamila called for collaboration in implementing “Know Your Customer” (KYC) procedures, ensuring the reporting of suspicious transactions, conducting regular audits, and promoting information sharing among regulatory bodies.
Gbajabiamila identified syndicate gaming, which involves illegal gambling activities operated by organized criminal groups, as a significant threat, and he advocated for stronger regulations, information sharing, and regional cooperation to combat this issue.
Gbajabiamila proposed solutions, including harmonizing gaming regulations, enhancing financial intelligence units, conducting public awareness campaigns, utilizing technology, strengthening legal frameworks, and establishing specialized units.
He emphasized that international cooperation and capacity building are essential aspects of the strategy.
Gbajabiamila concluded his presentation by stressing the need for African countries to work together to combat these threats.
He proposed the establishment of the Africa Gaming Regulators Association (AGRA) and the West Africa Gaming Regulators Association (WAGRA) to facilitate regional cooperation and collaboration.
According to him, these associations will play a vital role in sharing information, developing standard guidelines, and advancing regulatory efforts to combat money laundering, gambling-related crimes, and other illicit activities within the African gaming industry.
In conclusion, Gbajabiamila highlighted that combating money laundering, terrorism financing, and syndicate gaming in the African gaming industry requires close coordination among African nations, a strong legal framework, and robust enforcement mechanisms.
The establishment of AGRA and WAGRA is a significant step toward achieving these objectives.
