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Yemen’s Financial System Under Fire: Casinos Banned Nationwide

In a shocking move, Yemen has announced a nationwide ban on casinos, citing concerns over money laundering and terrorist financing. The decision comes as part of a broader effort to strengthen the country’s financial system and prevent illicit activities.

Background

The Ministry of Industry and Commerce will no longer register or license any new casinos in the country. Existing establishments will be given a deadline to shut down operations.

Rationale

The move is seen as a significant step forward in Yemen’s efforts to comply with international anti-money laundering (AML) and counter-terrorist financing (CFT) standards. The country has faced criticism for its lack of regulatory oversight, particularly in the financial sector.

Yemen has also announced plans to strengthen its legal framework for combating money laundering and terrorist financing. The government is working to establish a more robust AML/CFT system, which includes measures to prevent the misuse of bearer shares and other financial instruments.

Increase coordination between different agencies
Improve communication with non-profit organizations to prevent them from being exploited by terrorist groups

International Pressure

Yemen’s efforts to strengthen its financial sector come as the country faces increasing pressure from international partners to combat terrorism and money laundering. The move is seen as a significant step forward in the country’s efforts to reform its financial system and prevent illicit activities.

Ratification of Conventions

In related news, Yemen has also announced plans to ratify the United Nations Convention for the Suppression of the Financing of Terrorism and the Palermo Convention on Transnational Organized Crime.

Conclusion

The decision to ban casinos nationwide is seen as a significant step forward in Yemen’s efforts to strengthen its financial system and prevent illicit activities. The country’s authorities are working to establish a more robust AML/CFT system, which includes measures to prevent the misuse of bearer shares and other financial instruments.

Yemen has faced criticism for its lack of regulatory oversight, particularly in the financial sector. The country’s financial institutions have been accused of being vulnerable to money laundering and terrorist financing activities.

The decision to ban casinos is seen as a significant step forward in Yemen’s efforts to comply with international AML/CFT standards.