GAMBLING TO BE LEGAL IN BVI, BUT MAY NOT BE AS TIGHTLY CONTROLLED AS EXPECTED

On 2 September, the BVI Beacon reported that gambling is now officially legal in BVI, but it may not be as tightly controlled as legislators previously claimed.  The original Bill was said to have extensive measures that would ensure the industry is well regulated.  However, it is claimed that the final version, which is now in force, eliminates much of the regulatory framework included in the original Bill, removing several rules designed to combat money laundering and other crimes often associated with illicit gambling operations.  It is said that the final version omits a Schedule that would have required gambling operators to implement internal controls and accounting procedures including regular audits, reports to regulators, and systems to prevent terrorist financing, among others, and also omits other requirements designed to track gambling dollars.  It is said that the next step of implementing the new law will be establishing the Gaming Control Commission, but does not indicate when the new law will be implemented.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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