Isle of Man is one step closer to casino regulations
Treasury Minister Alfred Cannan said: ’While online gambling has become a significant part of the Isle of Man’s economy, the island has always supported a small but well-regulated domestic gambling sector, which includes licensed casinos.’
Mr Cannan outlined the amendments in the 2017 bill:
Formal powers for the Gambling Supervision Commission to supervise a casino on anti-money-laundering and countering financing of terrorism compliance. Under the bill, the GSC would be able to revoke a casino licence ’in cases of non-compliance with money-laundering and financing of terrorism legislation’.
Allow a casino to switch from one premises to another without surrendering a licence.
““The 1986 act does not allow a licence to be transferred to another location or to cover more than one site.
”
Allow the Council of Ministers to specify whether a deposit needs to be supplied by the concessionaire - and how much - before a concession to grant a casino licence is offered.
““At the moment, the concessionaire must deposit with Treasury the equivalent to 20% of the estimated total cost of the premises.
”
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