Antigua Increases Monitoring and Auditing Levels

April 17, 2009 | News Category: Gaming Law

0 Comments After the fraudulent investments connected to Antigua's resident, Allen Stanford, and his bank, the Stanford International Bank, were uncovered, Antigua has been concerned that their good reputation could be ruined.

The island nation holds many offshore investments for their clients, and more specifically, they have been considered a reliable online gambling jurisdiction for a number of years. Antigua and Barbuda took pride in being accepted on the gambling White List created by the United Kingdom Gaming Commission and have had fears that the regulatory missteps connected to the banking fiasco on their island will affect this.

Antigua, in order to regain faith in their gaming jurisdiction, have responded by announcing that they are increasing the level of monitoring and auditing of the online casinos registered in Antigua. As a branch of the Financial Service Regulatory Commission, which regulates the Antiguan banking industry, the Antiguan Directorate of Offshore Gaming will be inspecting online casinos for their compliance with the new stricter standards.

The Financial Service Regulatory Commission's integrity has been questioned since Allen Stanford was arrested and United States agents have shut down his international banking institutions. The CEO of the Regulatory Commission, Leroy King, has been put on two month's compulsory leave while the whole situation is being investigated.

Online casinos will be affected by the situation in that they will now have to comply with stricter conditions than they did before. Mr. Kaye McDonald, the Director of Gaming on Antigua confirmed that there will be stricter monitoring for money laundering prevention, and more accountability for the Antigua-licensed online casinos. Proper transparency will also be expected. Emphasis will also be placed on responsible gaming practices, which translates into their licensees aiding and assisting victims of problem gambling and maintaining programs to do so.

Mr. McDonald said "They (online casino operators) recognize that a strong regulatory system protects their players and enhances the credibility of the industry in general, which is in everyone's mutual interest."

Dr. Errol Cort, when speaking about the quality of the Antiguan banking regulators noted "They are governed by the requisite laws to be able to adequately regulate the offshore financial sector as best as anywhere in the world." He noted that still had faith in the gaming commission and in the related banking commission.

It may well be that the Stanford fiasco will actually increase the integrity of Antiguan-based online casinos, rather than harm them since regulation will now be much tighter than before.

Add a Comment

Name: * Email: (won't be published) * Website URL: Verify the image below: *

Tool Links

Mail Print     Digg Del.ici.ous