During
his participation in the compliance workshop for gaming board employees hosted
by the Bahamas Association of Compliance Officers (BACO) on Wednesday, Minister
with responsibility for gaming, Hon. Obie Wilchombe, provided the public with
an update on the vetting process of applicants seeking gaming licenses and
explained why the government extended the transition period before the granting
of licenses. He made these comments against the backdrop of some 1,750
employees requiring vetting and the establishment of interactive gaming and
internal control systems to protect the industry from the vexing issues of money
laundering and the proceeds from crime.
“I
have instructed that we must be as diligent as possible; we must not take short
cuts because taking short cuts will hurt us internationally. We are abiding by
the FATF (Financial Action Taskforce) guidelines and all other international
organizations.”
The
Minister did reveal that the gaming board has an internal deadline they are
working by and that the government is constantly updating banks on information
received from the sector to assure banks that proper monitoring mechanisms for
the sector are in place.
During
his participation in the compliance workshop for gaming board employees hosted
by the Bahamas Association of Compliance Officers (BACO) on Wednesday, Minister
with responsibility for gaming, Hon. Obie Wilchombe, provided the public with
an update on the vetting process of applicants seeking gaming licenses and
explained why the government extended the transition period before the granting
of licenses. He made these comments against the backdrop of some 1,750
employees requiring vetting and the establishment of interactive gaming and
internal control systems to protect the industry from the vexing issues of money
laundering and the proceeds from crime.
