Antiguan Online Gambling Industry Jeopardized

Published Sunday, June 21, 2009 -

US banking authorities say that audits made by the head of the Antigua and Barbuda Financial Services Regulatory Commission, Leroy King, were made just for appearances. These allegations have sent Mr. King packing pending further charges after being implicated in the Allen Stanford's banking scam. Stanford's banking operations, which were largely based on Antigua have come under close scrutiny by US banking investigators. The investigation uncovered irregularities in the banking process that Mr. King has allegedly ignored. The team from the states also accuses King of accepting thousands of dollars in bribe money to look the other way.

In the wake of these very serious charges King has been suspended. His apparent links to financier Allen Stanford and the devastating collapse of the pyramid scheme.The agency that King was the head of is the same one responsible for regulating and monitoring online casinos based in the Caribbean nation. The operators of online gambling companies operating in Antigua and Barbuda have been disturbed by this latest chapter in the instability of the banking system on the island. It has been a long and arduous battle for the online casino industry in Antigua to get a good reputation. The highly sought after White Listing by UK regulators, granting the seal of approval to Antigua, was received just as the news of the Stanford scandal surfaced.

Justin Simon, the Attorney General of Antigua said the Cabinet would be meeting to decide if further action will be taken against Mr. King. Mr. Simon was quoted as saying, "Antigua and Barbuda's offshore business activities are once again placed under intense international scrutiny, and this will clearly have adverse effects on the economy and raise questions about our regulatory legal framework,"

Trying his best to to reassure the international community the attorney general Mr. Simon said that the scandal has caused a formal internal investigation into the failures in the system itself and Mr. King's alleged transgressions.

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