Young: ‘Gambling vulnerable to criminals’

Young made this point in his contribution to debate on the bill in the House of Representatives yesterday. Indicating the bill is the identical one which the former People’s Partnership (PP) government allowed to lapse during its tenure, Young said the legislation is, “necessary on a global and a national level because the industry is vulnerable to infiltration by money launderers and terrorist financing.”

He said the bill will establish a Gaming Commission which will rein in what, “so far seems to be a runaway horse and seems to be breeding, harbouring, money laundering operations and the potential for terrorist financing.” Young stated the Commission will, “aid in minimising the potential for money laundering and terrorist financing, due to the stringent criteria that will have to be met by anyone desirous of obtaining a licence.”

Saying the Commission is modelled after a similar body in the United Kingdom, Young said it will share information with entities and individuals such as the Board of Inland Revenue, Commissioner of Police, Financial Intelligence Unit, Customs and Excise Division and the Integrity Commission, among others. He said the Commission’s powers will be identical to those of its British counterpart, including preventing the exploitation of children by gambling. Noting the invaluable revenue that a properly regulated gaming industry can bring to TT, Young said the legislation as drafted by the PP was “silent on online gambling.”

However, he observed there is provision for Finance Minister Colm Imbert to make an order subject to affirmative resolution of Parliament to amend the section to allow online gambling.” Young said while the Opposition made much ado about nothing about copying legislation, the reality was that Government saw it as important to put this legislation on the country’s law books. He also observed the public is, “seeing some hesitancy by those on the other side on occasion to agree to legislation that we believe is better for TT.” Earlier in the sitting, Chaguanas West MP Ganga Singh said the bill was designed to move gambling, “from sin to fun” as he remembered former Prime Minister Patrick Manning’s views on gambling. He questioned the method whereby Gaming Laboratories International was selected as the consultant on the legislation and the method of taxation on various gaming devices.

Singh charged the local banking sector abused indigenous entrepreneurs who wanted to get involved in the gambling industry. He also alleged there were cases where banks in other jurisdictions were