AG to update PM and Cabinet on FATF meeting about web shops

Tue, Jul 8th 2014, 12:50 AM

Attorney General Allyson Maynard-Gibson said yesterday she will update her Cabinet colleagues today about her recent meeting with representatives of the Financial Action Task Force (FATF).
Maynard-Gibson traveled to Paris on Sunday, June 29 at the request of the prime minister to discuss the government's plans to regularize the web shop industry.
She returned to The Bahamas on Sunday night.
When asked to provide details on that meeting and its outcome, Maynard-Gibson said, "I want to say that before I discuss anything with the press, I have to have the opportunity to brief the prime minister and my colleagues.
"I do not want to go any further than that."
Asked whether she would update the media on the FATF meeting following her Cabinet briefing, Maynard-Gibson said either she or Tourism Minister Obie Wilchcombe, who has ministerial responsibility for gaming, will do so.
When pressed on the meeting and her confidence level about the government's plans to regularize the web shop industry, the attorney general told The Nassau Guardian that Prime Minister Perry Christie has spoken very "loudly and clearly" on the type of regulatory regime the government plans to put in place.
"The minister responsible for gaming has done the same," she said.
"It was my task to go abroad and to come back with something that would fulfill their requirements."
She was also asked to comment on whether the amended Gaming Bill was complete.
But Maynard-Gibson said Wilchcombe would

have to speak to that.
Christie recently told reporters that the attorney general was liaising with the FATF in order to ensure that the provisions of oncoming legislation to regularize the web shop industry will be designed to ensure acceptance by banks of proceeds from legalized and regulated casinos and web shop operators.
His comments were made after several banks, including RBC (Bahamas) and Commonwealth Bank indicated that regularization alone would not address the problems with the sector.
In a position paper prepared by the compliance department of RBC (Bahamas), the bank said that opening accounts for companies that offer online gambling is prohibited under its policy.
The government is being advised by an international gaming consultant firm based in South Africa, and local accounting firm Grant Thornton.
Wilchcombe has said the amended Gaming Bill will be tabled in the House of Assembly before the end of the month.
That document now makes provisions for several new licenses, including a gaming house operator license, a gaming premises license and a gaming house agent license.
They all relate to web shops.
Full details on the licensing information will be contained in the web shop regulations.
Christie has said that web shop regularization will be retroactive to July 1.

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