Trinidad and Tobago Launches New Gambling Commission
Trinidad and Tobago, a dual-island Caribbean nation, has reportedly established its Gambling Control Commission with the main objective of reducing gambling irregularities.
In a press release on Monday, the country's Finance Minister Colm Imbert announced the names of the first directors of the newly established Commission. A former senior government advisor on banking, auditing, and AML, Stephen Tang Nian is set to be the first Chairman of the gambling commission.
The Chairman would work with security expert Steven Thomas, who was appointed as the Deputy Chairman. Together, the two individuals are expected to use their wealth of experience to achieve the laid-down goals of the Commission and "address the social concerns arising out of the proliferation of private member clubs providing casino-style games to the club members."
According to the Gambling Control Bill that established the Commission, the Chairman and Deputy Chairman would serve in the office for four years. However, other board members can remain in their positions for as long as it is suited.
The Gambling Control Bill stated its disapproval of minors (under 18) against gambling. It also called for funding for the rehabilitation and the protection of Trinidad and Tobago business communities from financial crimes caused by gambling irregularities.
A part of the approved bill reads:
"It is expected that the Commission will establish a licensing framework which will aid in minimizing the potential for money laundering and terrorist financing due to the stringent criteria that will have to be met in order to obtain a license to work in the gaming and betting sectors."
More Regulation News
RELATED TOPICS: Regulation
Latest News
Most Read
Must Read
Interviews
When Helping Others Is a Life-Long Mission - An Interview with Gordon Moody CEO, Monica Shafaq
Dec 17, 2024
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Trinidad and Tobago Launches New Gambling Commission