MONEY LAUNDERING IN GAMBLING- BETTING FIRMS IN KENYA.
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>>>Thread<<<
https://twitter.com/kenyan_dawn/status/1434085140322467842
The betting companies now join the growing list of non-financial institutions such as casinos, real estate agencies and consulting accounting firms that are required to report suspect transactions to the Betting Control and Licensing Board (BCLB).
However, the law does not require betting firms to report the suspect transactions to the Financial Reporting Centre (FRC)—which is mandated to track illicit cash.
1. So, how do Criminals wash money through Gambling?
Simple. The launderers feed their illicit money into their betting wallets, bet a small share of the cash before cashing out with vast majority of the cash.
Simple. The launderers feed their illicit money into their betting wallets, bet a small share of the cash before cashing out with vast majority of the cash.
2. A case of betting firm MozzartBet money laundering web.
A case of Sh600 million the company had wired to a businessman’s bank accounts in a span of five months. The betting firm wired Sh640million to Kimaco Connections between February and August.
A case of Sh600 million the company had wired to a businessman’s bank accounts in a span of five months. The betting firm wired Sh640million to Kimaco Connections between February and August.
A money believed to had not been under gambling activities.
In a vague response, MozzartBet’s tried to explain that it paid the money to acquire from Kimaco Connections a software, which the latter subcontracted another firm — Open Skies Management Services, —to deliver.
In a vague response, MozzartBet’s tried to explain that it paid the money to acquire from Kimaco Connections a software, which the latter subcontracted another firm — Open Skies Management Services, —to deliver.
Peter Kiilu, the owner of Kimaco Connections, wired Sh242 million to Open Skies Management Services, which is owned by Zimbabwean Emmanuel Charumbira and a shareholder of Mozzartbet.
Court filings showed that MozzartBet used its pay bill number 290059 to wire the millions through another pay bill number 311372 associated with Kimaco Connections to its pay bill 311372.
The highest amount sent was Sh50 million in a single day while the lowest was Sh1.8 million. MozzartBet sent a total of Sh256 million within five days to Kimaco Connections, flagging the funds as suspicious. The funds were later moved to an account at Co-operative Bank.
From the account, Mr Kiilu moved Sh150 million to a fixed deposit account and left a balance of Sh101 million.
The company had between Feb and June received Sh384 million from the betting firm, pushing receipts from Mozzartbet to Sh640 million over five months.
The company had between Feb and June received Sh384 million from the betting firm, pushing receipts from Mozzartbet to Sh640 million over five months.
Some of the money was also wired to Pescom and Power Energy in transfers that were marked by intra-accounts trading. The use of mobile money transfer services to transfer funds from MozzartBet and Kimaco Connections was adopted to circumvent or evade the reporting threshold and..
Central Bank of Kenya prudential guidelines requiring an account holder to declare the source of funds.
The monies were later distributed to various companies associated with directors and shareholders of the betting firm.
The monies were later distributed to various companies associated with directors and shareholders of the betting firm.
Shareholders of MozzartBet Kenya Ltd are Loncar Koviljka, a Serbian, Zimbabwean Charumbira and Musa Sirma, a former MP.
Mr Charumbira is a director of both MozzartBet Africa and Open Skies Connections, the firm that was allegedly sub-contracted to supply the software.
Mr Charumbira is a director of both MozzartBet Africa and Open Skies Connections, the firm that was allegedly sub-contracted to supply the software.
2. Philanthropic Odibet and Betika are different monkeys in the same forest.
Like criminals as mentioned earlier do, feed into betting wallets and stake a small amount then later withdraw excess than actually won amount to legitimize the source.
Like criminals as mentioned earlier do, feed into betting wallets and stake a small amount then later withdraw excess than actually won amount to legitimize the source.
These philanthropic betting firms directors use philanthropy as stake in the wallet, then publicize a little amount of cheque when they use a different figure of in-excess money n use the winners to withdraw and divide.
These goes to the individuals pockets- it’s washed.
These goes to the individuals pockets- it’s washed.
Stay tuned.
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