Gaming Commission Board to be in place by January 1 — Premier
The anticipated Gaming Commission board is now expected to be in place no later than January 1, 2022.
Premier Andrew Fahie gave that indication during his budget speech in the House of Assembly (HOA) last Thursday.
He also said staff who will be trained in anti-money laundering should be on board by the second quarter of 2022. This will allow the new industry to open up and move forward soon thereafter, the Premier stated.
Fahie further noted that the gaming and betting industry is viewed as a promising area for generating revenues and creating economic opportunities for the BVI’s people.
The Gaming Commission is expected to regulate this industry, which is said to be “vulnerable to infiltration by money launderers and terrorist financing”.
Among its responsibilities is the ability to grant gaming licenses without prejudice, impose conditions in the granting of licenses, engage in consultations in accordance with prescribed regulations, conduct studies, prepare reports, and generally make recommendations relating to the gambling industry in the British Virgin Islands.
Additionally, the Commission is responsible to verify the background, character and reputation of a person applying for a gaming license and that person’s relative or associate as the Commission deems necessary. The Commission will also be able to perform regular reviews of a licensed gaming operation and collect fees and levies.
The Commission also has the power to suspend or revoke a licence if, after review, a license holder is not conforming to the law. However, before doing so, the Commission must give notice in writing detailing the reasons for the suspension and the grounds that it intends to do so.
These are all outlined in the Gaming & Betting Control Act, was passed in August, 2020, effectively making gambling legal in the BVI.
In a moment of candour, the Premier recently revealed in the HOA that he was still receiving blowback from some residents after passing the legislation.
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Kim Jong”this sound like a job for pasty
you know she or a crony of hers will be on that board
We are so glad that gambling in the BVI wont go any further than this.
FOY WANT TO GAMBLE AWAY OUR FUTURE?
Gaming will bring more crime to the BVI
Premier, you need to be out by January. WE DON’T WANT GAMBLING!!
BVI based banks are not ALLOWED to process gains of gambling because of their US correspondent banks. Can anyone inform the FSC to halt this nonsense?
“the Commission is responsible to verify the background, character and reputation of a person applying for a gaming license and that person’s relative or associate as the Commission deems necessary”.
This one caught my eye. How will the Commission achieve this? Will applicants be required to submit a valid Police Record to show that they have not been involved in any illegal activities. That is not enough Mr. Premier. It is not because someone wasn’t caught in a criminal act they aren’t involved in illegal activities.
This whole thing, in my opinion was ill conceived. It’s like the decision was simply a matter of “lets push ahead and we’ll figure it out after”. That is not the way to do things Mr. Premier. Gambling attracts criminal activity and we all know nature little secrets have some dirty little secrets.
Money can’t be the only motivator. The reputation of the BVI can be at stake so we have to get this thing right and it means slowing dong, doing our homework, looking at the risks as well as the benefits, let us do this thing correctly.
Stop glamorizing gambling! The way money is made from gambling/gaming/lottery is through taxing and licenses. In order to be legitimate you have to have a license. Licenses cost money$$$. The government makes that money. When people place bets and they lose, the “house” makes the money and that “house” has to pay taxes on those reported earnings. Who will be responsible for making sure that earnings are reported accurately??? Rats minding cheese? If the better wins, they have to pay taxes on their earnings which means the house is supposed to deduct the tax from the earnings prior to them being paid out to the winner. What is that percentage going to be? There are employers who don’t pay NHI and SS and you think gambling houses will be legit with how much they are collecting???
Doubt that sincerely. Government is only looking at revenue collection. Please explain to people the dangers of gambling and how addictive it is. A loss is a loss but losing by one point feels almost as good as winning and that’s the danger. We have too many social ills in this 28 mile island and you want to create more? Check your compass
Pier Park needs a Casino house badly..
by this myopic government. Deliberately exposing the poorest sections of society to this addictive cancer is a measure of breathtakingly incompetent policy, and beneath contempt. Hope they’re happy with funding their tame lawyers and court jester with the proceeds scraped from rent money, childrens clothing, savings, housekeeping etc.