Isle of Man Online Gambling Global Standards Security

Published Thursday, May 09, 2013 -
Isle of Man Online Gambling Global Standards Security

The Isle of Man is a small but very distinct part of the online gambling industry with their licensing commission and regulatory framework the Isle of Man is recognized as a secure and trusted environment. The Isle of Man has pointed out its determination to keep pace with evolving international standards by consolidating its codes of practice relating to money laundering and terrorist financing.

To do this the government’s Department of Home Affairs has unified money laundering and terrorist financing codes. These specific codes for the main financial services sector and online gambling provide legal guidance. In order to help businesses comply with the requirements in place that combats the financing of terrorism, and a illegal money processing through measures including due diligence, monitoring, record keeping and staff experience.

Juan Watterson the Home Affairs Minister commented, ‘International standards are continually evolving with regard to preventing and reporting money laundering and terrorist financing. As a responsible nation the Isle of Man is committed to playing a leading role in the fight against illicit finance. The simple improvements we have implemented will result in a reduction from the current four codes to a single code each for the main regulated sector and online gambling.’ Watterson continued to add, ‘The nature of this fast moving environment means that further revisions will be required in future, and we will continue to consult with representatives of the financial services industry to ensure the Island remains at the forefront of global standards.’

In 2005 PokerStars, one of the world's largest online poker sites, relocated its headquarters to the Isle of Man. In 2006, RNG Gaming a large gaming software developer of P2P tournaments and Get21 a multiplayer online blackjack site, based their corporate offices on the island.

The island is the only jurisdiction outside the United Kingdom where it is possible to play the UK National Lottery. The Isle of Man is a low tax economy with no capital gains tax, wealth tax, stamp duty, death duty or inheritance tax and income tax rates of 10% and 20%; corporation tax is at 0%.

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