A consultation on new code to combat money laundering and terrorism financing through gambling, closed on Friday.

The Gambling Supervision Commission held a four-week consultation as part of its plan to update rules to keep up with international obligations.

Treasury Minister Alfred Cannan told the House of Keys: ’The primary driver for the new gambling code is that it forms part of the island’s response to the 2017 Moneyval report.

moneyval

’The new code addresses actions included in the Moneyval report, brings the code into line with international standards, the Financial Action Task Force recommendations and some other matters identified by the Gambling Supervision Commission.’

He said the formal process followed an informal consultation with the gambling sector that began last June.

’The commission has contacted stakeholders directly to draw their attention to the consultation and also offered individual meetings with operators during the consultation period,’ he added.