The House of Keys has backed legislation that will ’strengthen the island’s defences against crime’.

The Gambling (Anti-Money Laundering and Countering the Financing of Terrorism) Bill was approved by MHKs after they took the unusual move of allowing the clauses and third reading stages to be taken at the same sitting.

Bill Shimmins (Middle, pictured), the Treasury department member guiding the bill through the Keys, said it would give the Gambling Supervision Commission a ’mandate to supervise the gambling sector’s anti-money laundering and countering the financing of terrorism compliance’.

He said: ’Moving this legislation quickly will help to strengthen the island’s defences against crime and the financing of terrorism, which in the current global climate is a clear priority for us all.

’It will also demonstrate to the international community the Isle of Man’s commitment to implementing international standards which are designed to combat these crimes.’

A number of largely technical amendments were moved during the clauses stage, in response to issues raised during the second reading.

The bill was drawn up in response to Moneyval, the Council of Europe body set up to evaluate anti-money laundering measures and terrorism finances. It said, in a report earlier this year, that the Isle of Man needed to up its game.

Mr Shimmins added: ’In April next year Moneyval will publicly review the island’s progress against the recommendations made in its evaluation report.

’In advance of that review, the Manx authorities are required to submit by early February 2018 a report which sets out the measures introduced to date.’

That was the reason for the urgency and to take the two final stages of the House of Keys legislative process in one day.

’Implementing this legislation is a significant part of our response to Moneyval and it needs to be safely in place before we submit the review of our progress in February,’ said Mr Shimmins.

’It is an agreed national priority.’

He conceded the timescale was short in order to ensure the bill became law, but added: ’We cannot afford to take any risks with the timetable for the delivery of this important piece of legislation.’

The bill strengthens the GSC’s powers to enforce and sanction.

Currently, it is restricted to suspending or revoking a licence, but other measures such as fines or public statements of warning could be made under the legislation.