Connect with us

EMEA

Isle of Man Gambling Regulator Refutes UN Criticism

Published

on

Isle of Man Gambling Regulator

The Isle of Man’s Gambling Supervision Commission (GSC) has strongly refuted recent criticisms from a United Nations Office on Drugs and Crime (UNODC) report, which alleged that the Isle of Man’s regulatory standards leave it vulnerable to exploitation by organised crime. Mark Rutherford, acting chief officer of the GSC, responded by defending the jurisdiction’s strict anti-money laundering (AML) and counter-terrorist financing (CFT) measures, asserting that the GSC’s oversight aligns with international standards and remains effective in mitigating financial crime risks.

Isle of Man Regulator Refutes UN Criticism on Gambling Standards

The Isle of Man’s Gambling Supervision Commission (GSC) has publicly addressed a report by the United Nations Office on Drugs and Crime (UNODC) that claims certain jurisdictions, including the Isle of Man, lack stringent regulatory controls and are susceptible to organised crime. According to the UNODC report, regions like the Isle of Man, Curaçao, and Malta are particularly attractive to Asian-facing online gambling operators due to perceived “relaxed regulations.” In a strong rebuttal, GSC acting chief officer Mark Rutherford highlighted the commission’s unwavering commitment to international regulatory standards.

Key Points:

  • UNODC report suggests that relaxed regulations in the Isle of Man could attract organised crime.
  • Mark Rutherford of the GSC refutes these claims, citing strict adherence to AML and CFT standards.
  • The GSC’s Moneyval evaluation in 2016 awarded a high technical rating for its AML/CFT framework.

Expressing disappointment with the UN’s findings, Rutherford emphasized the GSC’s commitment to rigorous regulation: “The GSC conducts its regulation in line with international standards and was disappointed to read in the UN report an allusion to lax regulatory controls in the Isle of Man.” He pointed to the 2016 Moneyval evaluation, which awarded the GSC a high technical mark for its AML and CFT controls, as evidence of the jurisdiction’s strong regulatory framework.

Strengthened Oversight and Response to Financial Crime Risks

Rutherford also underscored the GSC’s proactive stance in adapting its regulatory approach to evolving financial crime tactics, including a dedicated AML/CFT division staffed by professionals specialized in compliance. He noted that the GSC’s entry controls and ongoing supervision regime are robust enough to mitigate potential abuses and prevent the establishment of risky operations within its jurisdiction.

Advertisement

In October, Rutherford addressed similar concerns before the Economic Policy Review Committee of the Isle of Man parliament, detailing the GSC’s response to financial crime trends and improvements in its oversight capabilities. He highlighted the creation of a dedicated AML/CFT team as a critical component of this approach, designed to ensure continuous vigilance against emerging threats.

King Gaming Case and GSC’s Zero-Tolerance Approach

The GSC’s strict regulatory stance was further demonstrated by its recent enforcement action against King Gaming, an operator whose licence was revoked following a raid in April. Rutherford explained that the incident is not indicative of a broader trend but rather an isolated case in the GSC’s history of licensing. “We’ve had about 250 licences in our time, and we’ve had one of them turn into this. That’s not to be complacent,” he noted, affirming the commission’s commitment to holding operators accountable and its zero-tolerance approach to financial crime.

Rutherford also assured that the GSC closely monitors global financial crime developments, refining its oversight in response to new money-laundering tactics as they arise. He maintained that despite the UN’s report, the Isle of Man continues to attract steady interest from new licensees, underscoring the jurisdiction’s reputation for security and compliance.

Isle of Man’s Appeal and Global Standing

Despite the recent criticism, the Isle of Man’s gambling industry remains attractive to operators due to the GSC’s reputation for comprehensive regulatory oversight. Rutherford concluded by reiterating the GSC’s firm stance on financial crime: “We have a zero-tolerance attitude towards financial crime.” His comments reflect the GSC’s confidence in its regulatory practices and its commitment to preserving the Isle of Man’s global reputation as a reliable and secure jurisdiction for licensed gaming operators.

Advertisement

In response to the UNODC report, the Isle of Man’s Gambling Supervision Commission has defended its rigorous regulatory standards, highlighting its alignment with international AML and CFT frameworks. Acting chief officer Mark Rutherford’s statements underscore the GSC’s dedication to maintaining a secure and compliant gambling environment. By continually updating its oversight mechanisms, the Isle of Man reaffirms its commitment to responsible gambling regulation and remains a trusted destination for licensed operators worldwide.

Jerome, a valuable addition to the Gamingo.News team, brings with him extensive journalistic experience in the iGaming sector. His interest in the industry was sparked during his college years when he participated in local poker tournaments, eventually leading to his exposure to the burgeoning world of online poker and casino rooms. Jerome now utilizes his accumulated knowledge to fuel his passion for journalism, providing the team with the latest online scoops.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Gamingo.News stands as a premier digital destination dedicated to delivering top-tier news and insights in the gaming and gambling industry. This specialized media outlet garners the attention of over 120,000 readers each month, providing them with engaging content, current news, and in-depth analyses.
The platform offers extensive coverage of various facets of the gaming world, including both online and brick-and-mortar gaming, wagering, esports, updates on regulations and compliance, as well as technological innovations. Regular content includes daily news stories, press releases, unique interviews, and comprehensive reports on events.
Moreover, Gamingo.News organizes webinars pertinent to the industry and offers detailed reports, establishing itself as a comprehensive information source for those interested in learning about gaming market operators, suppliers, regulators, and professional services. The portal's main objective is to keep its large audience informed about the latest news, trends, and developments in the gaming and gambling sectors. It focuses particularly on the European igaming market but also covers significant global news, proving to be an invaluable tool for gaming professionals, operators, and enthusiasts.

For inquiries, reach out at: sales@gamingo.news

For editorial or PR submissions, contact: media@gamingo.news

Copyright © 2024 Gamingo.News.