The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribuneemdia.net

The Free National Movement’s (FNM) finance spokesman said yesterday he was “very surprised” that the Christie administration had moved ahead with the Gaming Bill despite still consulting the Central Bank and the Clearing Bank Association on the reforms.

“ I was very surprised that the Government has gone forward passing this Bill ahead of the consultation and considered advice of the Central Bank, as well as the Clearing Banks,” K P Turnquest said.

“One has to question why the big rush. Obviously they have used the [Central Bank] governor as one of the main reasons why they had to do something, and to find at this late stage that they didn’t even bother to get her opinion on the Bill is absolutely amazing and should be a concern to all of us.

“The whole reason for them going through this is to set up a system that ensures these guys comply with a regulatory regime.

Mr Turnquest added: “One would have thought that the Central Bank would be an integral part of whatever decision they would have come to. To find out that the bank only has the ability to review this legislation after the fact is surprising and says a lot about the way that this government does business.”

The Clearing Banks Association (CBA had said it might be in a position to comment on the issue this week. Tribune Business was told that the CBA had failed to achieve a “consensus” on gaming/web shop reform, with some senior industry executives saying they were still waiting to see the legislation.

Central Bank governor, Wendy Craigg, had said the regulator was still “evaluating and reviewing” the Gaming Bill and associated reforms. Nonetheless, the Gaming Bill was passed in Parliament on Wednesday.

Tourism Minister Obie Wilchcombe said recently that the amendments to the Financial Transactions Reporting Act and Proceeds of Crime Act were designed to eliminate any doubts that the Bahamas’ regulation of web shops complied with global Know Your Customer (KYC) and anti-money laundering standards.