FML Group of Companies CEO Craig Flowers said yesterday that while the government's decision to gain international approval for its plan to regularize the web shop industry could further delay the process, it is the right thing to do.
Flowers, who spoke to The Nassau Guardian outside Government House following the swearing in of Dame Marguerite Pindling as the new governor general, said he believes the government is doing its best to resolve all the issues.
Attorney General Allyson Maynard-Gibson met with the Financial Action Task Force (FATF) last week in Paris on the issue.
The government has cited money laundering and unauthorized lending as major threats to The Bahamas' international standing.
Prime Minister Perry Christie recently said it was important for the FATF to have a "clear grasp" of what the government is seeking to do to ensure there is no "uncertainty about the regime and its legality".
Flowers pointed out that there have been many changes along the road to regularization.
He said international approval of what the government is doing will serve not just web shops, but the entire gaming industry.
"Before, if we recall, this whole journey started with little web shops and just Over-the-Hill for those of us who play these little numbers," he said.
"Today, we are speaking about getting international approval for casinos and our gaming industry. Not [just] web shops, the little guy Over-the-Hill.
"This is a major, major task, whether we want to admit it or not.
"And if the government goes this route, I have a feeling that it will even take more time to qualify."
Flowers said seeking international approval is not an easy task, based on his exposure to international affairs in other jurisdictions.
"It is not a short-circuit thing, it is nothing that we can just create ourselves or make happen ourselves.
"As long as there are outside entities that will make these decisions in order to give credibility to the industry, it is going to be very difficult."
Tourism Minister Obie Wilchcombe, who has ministerial responsibility for gaming, previously said the amended Gaming Bill would be tabled in Parliament at the end of June.
Wilchcombe recently said the bill will tabled by the end of this month.
While he did not want to comment on specifics of the amended Gaming Bill revealed by The Guardian last week, Flowers said once the proposed legislation is tabled, he will set the record straight.
Asked to provide some insight on that comment, Flowers said he plans to address "a lot of assumptions that were made directly or indirectly related to myself or my company".
"I have an obligation to that, if only to put myself or give myself to the questions or to the public, and have them ask me directly so that I may be able to respond, as opposed to responding in open air where I am not able to speak to any of the things that would have taken place
"I would only hope that the media gives me the opportunity at a later date to do just that."
Web shop regularization will be retroactive July 1.

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