CONTROL AND REGULATION OF GAMBLING INDUSTRY TO BE TIGHTENED

Noyan Tapan
Apr 6, 2010

YEREVAN, APRIL 6, NOYAN TAPAN. The Armenian government has approved
the concept of the regulation and control of the gambling industry
in the Republic of Armenia, under which it is envisaged tightening
control and regulation of the gambling industry in the country. Deputy
Minister of Finance Vardan Aramian said at the April 6 press conference
that international experience was studied prior to the concept’s
development to examine the instruments of regulating the sector and
the principles of licensing, as well as the current requirements in
terms of protecting consumer interests.

V. Aramian said that international experience shows that there are
quite strict requirements with respect to persons engaged in gambling
industry. In some countries such persons must not have previous
convictions, be declared bankrupt, etc.

He underlined the importance of increasing the efficiency of reports
submitted by casinos, which will become a major step in the fight
against money laundering and terrorism. "It is necessary to include
new requirements in these reports. Casinos currently submit quarterly
reports which are related only to their liabilities to the budget," V.

Aramian said, adding that it is planned to gradually shift from the
paper version of report submission to an electronic one.

There are 11 licensed casinos and 103 prize games in Armenia now.

Taxes of a total of 4 billion drams are levied on them a year.

From: Emil Lazarian | Ararat NewsPress