The Tribune

By RICARDO WELLS

Tribune Staff Reporter

rwells@tribunemedia.net

THE Gaming Board yesterday announced plans for a compliance monitoring system equipped with an anti-money laundering framework, as part of its efforts to safeguard the integrity of the gaming industry.

In a statement yesterday, Gaming Board chairman Kenyatta Gibson advised that the agency had identified several “inherent vulnerabilities” which needed to be addressed if the industry were to remain in compliance with all international standards and best practices.

Mr Gibson’s statement noted the Gaming Board is charged with safeguarding the integrity of the industry against all risks identified through or highlighted by the country’s Money Laundering/Terrorist Financing National Risk Assessment and the Caribbean Financial Action Task Force (CFATF) Mutual Evaluation Report, respectively.

To that end, the statement indicated the Gaming Board was embarking on a process to establish countermeasures to combat money laundering and terrorist financing threats through the implementation of the new compliance monitoring system.

“In light of the above, and as a corollary to its regulatory mandate, the Gaming Board is charged with safeguarding the integrity of the gaming industry against the aforementioned risks, including inherent vulnerabilities, and is fully committed to upholding all international standards and best practices which underpin the same,” Mr Gibson noted.

“To this end, protection of the gaming industry in the Bahamas from the threats of money laundering and terrorist financing remains the Gaming Board’s primary concern and indeed must be considered a national priority, particularly among all of the Gaming Board’s licensees.

“To date, the Gaming Board has already installed an anti-money laundering software solution which has been tested and certified by relevant gaming technology experts. Further, training in the operation and use of the anti-money laundering software solution has been completed and the Gaming Board is presently testing the anti-money laundering software solution environment with its licensees, namely casinos and gaming house operators.

“Additionally, within the next 30 days, the Gaming Board will issue a request for proposal to solicit bids for the installation and implementation of a central monitoring system which will provide real-time monitoring and surveillance of the operations of all licenced casinos and gaming houses. This system will ensure that the Bahamas is and remains compliant with international regulatory requirements and best practices.”

Mr Gibson also said the Gaming Board will issue a request for proposals within the next 30 days for an independent audit of its accounts.

“This measure is in keeping with the Gaming Board’s focus and emphasis on the accountable and transparent regulation of the gaming industry in the Bahamas,” he said.