WTO Online Gambling Dispute Turns Nasty
Published: Friday, March 11, 2005 Online-Casinos.com
WTO ONLINE GAMBLING DISPUTE TURNS NASTY
US claims Antigua is "susceptible to money
laundering"
London-based Law and Tax News this week says that the
2005 International Narcotics Control Strategy Report, published last Friday, claims
that Antigua and Barbuda are "susceptible to money laundering activity."
Apparently this claim originated from the US State Department's Bureau for International
Narcotics and Law Enforcement Affairs.
The report, released as the tiny
Caribbean jurisdiction continues to lock horns with the US government over the
latter's ban on the use of online gaming services by US citizens, stated that:
"Antigua and Barbuda (A&B) has comprehensive legislation in place
to regulate its financial sector, but it remains susceptible to money laundering
because of its loosely regulated offshore financial sectors and its Internet gaming
industry. Money laundering in the region is related to both narcotics and fraud
schemes, as well as to other crimes, but money laundering appears to occur more
often in the offshore sector than in the domestic financial sector."
The report went on to advise that:
"The Government of Antigua
and Barbuda should continue its international cooperation, and rigorously implement
and enforce all provisions of its anti-money laundering legislation. Antigua and
Barbuda should take the necessary legislative and regulatory steps to ensure its
gambling sector is properly covered by anti-money laundering legislation and is
strictly supervised."
"Additionally, Antigua and Barbuda should
vigorously enforce its anti-money laundering laws by actively prosecuting money
laundering and asset forfeiture cases. Antigua and Barbuda should ensure that
all offshore banks licensed there have a physical presence, consistent with international
standards."
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