By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

WEB shop operators understand that the Gaming Board “really has to get regulation right” to protect the Bahamas’ good name, a well-known QC says.

Alfred Sears QC, attorney for the Gaming House Operators Association, told Tribune Business that while its members knew the regulator “requires time” to build capacity, all were eager to obtain licenses and move on from the sector’s transition to a legalized industry.

He said that once in possession of valid licenses, the sector could then focus on growing its business and “building a robust and globally competitive industry”.

Obie Wilchcombe, minister of tourism, recently confirmed that the Gaming Board has extended the web shop transition for an open-ended period. No public deadline has been set for the exercise’s completion, the Minister emphasising that the extension was necessary due to the amount of material requiring scrutiny and due diligence.

The 10 web shop applicants have to-date expressed no public concerns about the likely uncertainty this has caused for their businesses, with the Government seemingly happy for the process to take as long as necessary.

Mr Sears, though, indicated that while the industry was prepared to exercise the necessary tolerance and understanding, it was keen to put the ‘legalisation transition’ behind it.

“There’s a recognition that the regulator really has to get it right to ensure the protection of the jurisdiction,” Mr Sears told Tribune Business.

“Everyone is looking forward to the Gaming Board doing what it needs to do, but hoping for the process to move from the transition stage to a more regular, regulated environment, so the focus could be on day-to-day building of the industry.”

Mr Sears, who last week won the Court of Appeal ruling on behalf of FML owner, Craig Flowers, said that to-date the web shop gaming industry’s focus had been on complying with the licensing provisions and Know Your Customer (KYC) requirements stipulated by the Gaming Act.

He added: “I think it has gone really smoothly, given that this is a first time for the jurisdiction, and has become a precedent for other jurisdictions.

“Other jurisdictions have been making inquiries to learn about the transition process undertaken here. I think it’s gone well for the jurisdiction.

“We need to, once the proper regulatory infrastructure is in place, be about the business of growing and building a robust and globally competitive industry.”

Mr Wilchcombe last week said the license bid documents submitted by the 10 applicants covered a collective 621 web shop locations and some 1,750 employees.

He quoted these statistics to illustrate just why the Gaming Board is taking its time over the due diligence, and scrutiny, of these applications with anti-money laundering procedures uppermost in the Government’s mind.

“There is an appreciation of the complexities of this area, in terms of the technical competencies that the Gaming Board is undertaking,” Mr Sears told Tribune Business, “building its capacity in terms of bringing people in with the requisite technical skills; IT, accounting and suchlike, as well as putting in place the backbone to ensure the real-time monitoring of the web infrastructure.

“I think there’s an appreciation among the members that this process really requires time for the recruitment of persons, as well as getting the relevant service providers to install technology to facilitate the statutory obligations of the Gaming Board.

“I think everyone is looking forward to receiving their license from the Minister and the Gaming Board.”