The head of the Financial Services Regulatory Commission (FSRC) has made a frank criticism of the Betting and Gaming Act 1963, calling it an “outdated” piece of legislation which could not accommodate the expansion of casino-based gambling.
At the same time, the Acting Chief Executive Officer (CEO) of the FSRC, Dr Paul Ashe who gave the appraisal, said that a new Gambling Act “has been drafted” and is presently being edited by the commission.
He told OBSERVER media that the new Act will “take into consideration the changes in the regulatory environment regarding money laundering and terrorist financing”.
Dr Ashe said, “The government thrust now is in very large development, some of which will encompass casinos. To have a very modern type of hotel development using an Act that is very outdated would not do justice to the thrust the government is seeking to create.”
He added, “Very shortly we’ll be having a series of meetings with the sector. We’ve had a preliminary draft and we have gotten feedback … and we made some adjustments.”
The acting CEO said that the draft, once finalised, will go to the Cabinet of Antigua & Barbuda to “determine whether they want to use the Act in its present format or make changes” before it is taken before Parliament.
(More in today’s Daily Observer)