During his participation in the compliance workshop for gaming board employees hosted by the Bahamas Association of Compliance Officers (BACO) on Wednesday, Minister with responsibility for gaming, Hon. Obie Wilchombe, provided the public with an update on the vetting process of applicants seeking gaming licenses and explained why the government extended the transition period before the granting of licenses.

He made these comments against the backdrop of some 1,750 employees requiring vetting and the establishment of interactive gaming and internal control systems to protect the industry from the vexing issues of money laundering and the proceeds from crime.

“I have instructed that we must be as diligent as possible; we must not take short cuts because taking short cuts will hurt us internationally. We are abiding by the FATF (Financial Action Taskforce) guidelines and all other international organizations.”

The Minister did reveal that the gaming board has an internal deadline they are working by and that the government is constantly updating banks on information received from the sector to assure banks that proper monitoring mechanisms for the sector are in place.

Source: Bahama Journal