THE Gambling (Gaming and Betting) Control Act, designed to prevent money laundering, tax evasion and protect the public errant operators, is expected to be proclaimed in January.
Finance Minister Colm Imbert said the commission has made "significant progress" in establishing a regulatory framework, having recently concluded public consultations.
Imbert, presenting the 2024/2025 national budget, said the commission is now refining the feedback received.
He said the commission will enter a transitional period after the act is proclaimed when "all gaming establishment operators and owners of gaming machines, under the Liquor Licences Act, must notify the commission of their existence.
"Once this information is collected, the commission will advise of the applicable licences as it applies to their areas of operations," Imbert said, adding that they will then pay the relevant licensing fee.
The collection of licensing fees for gaming and gambling is expected to begin in the second quarter of fiscal 2025.
He announced that the commission has also recruited senior leadership and is engaged in building its key human resource infrastructure.
"This strategic human capital development aims to arm the commission with the technical expertise to audit, manage and provide up-to-date resources necessary for a flexible and dynamic organisation.
"Additionally, significant investments in infrastructure and technological advancements have been undertaken, including procurement of essential systems for finance and gaming operations.
"These implementations, coupled with staff training, robust stakeholder engagement and the establishment of internal governance structures, collectively enhance the commission’s capacity for effective oversight and compliance within the gambling sector, through an effective licensing regime."
Imbert added that the commission has initiated procurement of highly recommended due diligence software, through selected international companies, where assistance will be given to demystify corporate structures.
He said the commission would work with local and international authorities to combat financial crimes associated with gambling.
The legislation is designed to protect citizens, including problem gamblers and minors.
"The act aims to ensure that gambling is conducted in a fair, open and responsible manner, protecting minors and vulnerable persons from harm. It seeks to prevent gambling from being a source of crime or being used to support crime, while also ensuring compliance with anti-money laundering and counter-terrorism financing laws."
The post Tighter controls on gambling machine operators from January appeared first on Trinidad and Tobago Newsday.
