Prevention of Money Laundering and Countering of Terrorist Financing

Online gambling licensing jurisdiction and hub, the Isle of Man, embarked on a consultative process this week before assembling guidelines for the Prevention of Money Laundering and Countering of Terrorist Financing, required in terms of the Criminal Justice (Money Laundering — Online Gambling) (No. 2) Code 2008, which came into operation on 18th December 2008.

The jurisdiction's Gambling Supervision Commission is currently developing the guidance notes to support the Code, and this week wrote to members of the Association of Corporate Service Providers inviting comment on the first draft of the guidance notes.

Senior Inspector Paul Davenport of the Gambling Supervision Commission explained that the consultation was designed to "...gather information, views and evidence from which the GSC can make an informed decision on the content of the proposed Guidance Notes, so that, when formally published, that content will reflect the most appropriate and helpful advice possible.

The 95 page Guidance Notes are available on the GSC website home page, which can be found at: http://www.gov.im/gambling/ and under the heading Latest News - AML Guidance.

Deadline for written responses to the draft is May 15th 2009. Following this first round of consultation it is envisaged that a consultation meeting or meetings will take place to finalise discussions on the consultation before the Guidance Notes are issued.

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