The top executives of the four Italian gaming houses have gone to Rome with the aim of trying to stop the introduction of the European Directives against money laundering. If put into practice, such Directives would reduce takings by 50% as a first estimate, a real blow for the gambling sector.

The European Directives on money laundering, due to start on January 1, 2008, require casinos to verify and record all chips purchased and exchange operations for amounts over 2,000 Euro, whilst today such requirements apply only from a minimum of 12,500 Euro. The implementation of the Directives by a law decree ready now for signature by the Finance Minister, Mr Padoa Schioppa, would make it impossible for players to exchange even small sums on the spot at the gambling tables, forcing them to go to the cashier every single time with the appropriate documentation.

During their meeting in Rome the top executives of the four gaming houses have proposed a number of amendments to the draft decree. They would try in essence to preserve the principle whereby those customers already registered, on being given access to the gambling house do not need to re-enter all the data for exchange operations below the 12,500 limit.

In the document submitted to Federgioco and to the Ministry, the executives state that compliance with the European Directives would seriously hinder the normal process of gambling and would lead customers to abandon Italian casinos for those in neighbouring countries, and perhaps even to frequent clandestine gambling houses. In addition, the executives point out that “it has to be noted that, with the introduction of the procedure of client identification/registration at the door, with the observance of the duty to report suspect operations and by continuing a close cooperation with the relevant authorities, the San Remo casino already carries out a most effective money laundering prevention task”.

Finally, according to the memorandum attached to the proposed amendments, the new regulations would be seriously detrimental to the finances of the companies already authorised to run gambling houses as a business and of those managing such houses on their behalf, as well as damaging to the economy of the entire local community, the local employment and the tax revenues. The imposition of excessive constraints of all types would be counterproductive in the efforts against money laundering. In addition, in these circumstances an increase in clandestine gambling could not be avoided, that is outside any type of control (except perhaps the control of organised criminal gangs), and is totally unproductive in terms of tax revenues.

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