New laws to regulate casinos came a step closer this week.
The Casino (Amendment) Bill brings in updated regulations designed to combat money laundering and will also simplify licensing rules where a casino moved premises.
There is one operating casino in the Isle of Man, but up to two are allowed under the 1986 Casino Act. They are required to operate from specified premises.
Mr Cannan outlined the amendments in the 2017 bill:
Formal powers for the Gambling Supervision Commission to supervise a casino on anti-money-laundering and countering financing of terrorism compliance. Under the bill, the GSC would be able to revoke a casino licence ’in cases of non-compliance with money-laundering and financing of terrorism legislation’.
Allow a casino to switch from one premises to another without surrendering a licence. The 1986 act does not allow a licence to be transferred to another location or to cover more than one site.
Allow the Council of Ministers to specify whether a deposit needs to be supplied by the concessionaire - and how much - before a concession to grant a casino licence is offered. At the moment, the concessionaire must deposit with Treasury the equivalent to 20 per cent of the estimated total cost of the premises.
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