Trinidad and Tobago creates Gambling Control Commission
The Trinidad and Tobago Gambling Control Commission will monitor gambling activities in the Caribbean nation.
Trinidad and Tobago.- Finance minister Colm Imbert has announced the launch a new regulator, the Gambling Control Commission (GCC), to govern and monitor gambling activities in Trinidad and Tobago.
Stephan Tang Nian, a senior government banking and anti-money laundering (AML) advisor, will chair the regulator’s board of directors.
The GCC is expected to carry out major gambling reforms in the dual-island nation, and particularly to address social concerns over a “proliferation of private member clubs providing casino-style games.”
Its creation was mandated by the approval of the country’s Gambling Control Bill last year. The bill requires the commission create a framework to improve the protection of minors and launch a fund for problem gambling rehabilitation.
It reads: “It is expected that the commission will establish a licensing framework which will aid in minimising the potential for money laundering and terrorist financing due to the stringent criteria that will have to be met in order to obtain a licence to work in the gaming and betting sectors.
“It is recognised that these sectors have the potential to contribute meaningfully and positively to the national economy, if regulated effectively, by creating employment, not only in the sector but in other downstream sectors, thereby creating greater tax revenues.”
Tech and cyber-securities expert Steven Thomas, the managing director at local supplier Prodigy Software, will serve as the commission’s deputy chairman. Both Tang Nian and Thomas will serve four-year terms. The other board members comprise experts in business, gambling, AML, IT and law.
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