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Cyprus: Turkish Cypriot side brings casinos under tighter control

4 March 2009

CYPRUS -- As reported by the Cyprus Mail: "A new gaming law aimed at bringing casinos in the north – currently believed to be magnets for money launderers - under tighter financial control, has been approved by the Turkish Cypriot side.

"The move came after weeks of wrangling among Turkish Cypriot politicians over whether the EU, British and US-inspired law was desirable.

"...In the event, the bill was passed by a whisker ...Britain welcomed the move yesterday.

"...Under the new law, casinos have to declare earnings, pay higher rates for licences and have to fulfill a host of conditions to prove that money laundering is not taking place on their premises. Many casino owners are known to be furious about the new law..."

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