ENERGY Minister Stuart Young graphically described how easy it was to launder dirty money in casinos and spelt out the pain of families when one member has a gambling addiction, speaking on Wednesday in the House of Representatives on the Gambling (Gaming and Betting) Control Bill 2021.
He began by chiding the Opposition for seemingly having no intention to support the bill, describing the gaming industry now crying out for regulation, saying at first it had alleged a lack of consultation and now was complaining about the regulation. Young urged all not to be fooled by red herrings.
He asked why the Opposition opposed the bill, as he said the gambling industry globally has been and can be infiltrated by crime and criminality.
Young gave an example of how a casino can facilitate money laundering.
"You can have the family member of a former minister of government meet with family members of contractors in a casino in Las Vegas, for example. The contractor can go and purchase a whole set of chips with cash and just slide those chips across on a table to the family member of a former minister.
"They can then go now, walk away from the table and encash it. Money has passed; money is washed."
Criminals can do so too, he said.
"The same way, any criminal can go into a casino, purchase chips with cash, go play one game and decide, 'I'm not playing any more,' go and encash it and walk out and when asked where has this money come from, 'I just got it from the casino."' Young said casinos worldwide have legitimately been accused of money-laundering and financing criminal activities such as terrorism.
He said a $16 billion industry must be regulated and taxed, as he noted foreigners set up huge operations in Trinidad and Tobago.
Young lamented that gambling can destroy the lives of addicted individuals and their families who suffer financial deprivation, recalling witnessing first-hand how addictive gambling can be when he once visited a casino in Antigua to accompany a friend.
"I saw how quickly you can get entrapped into a game. It was, 'God, I'm almost there. If I play once more I could win.' Very quickly the funds in pocket were over and out had to come a credit card. That is how gambling and gaming can destroy lives.
"I have seen it first-hand in other families, how it has affected other families. How it has affected generations of hard workers and then somebody in the family gets caught into gaming and gambling." He said the bill provides for treatment of problem gamblers and for public education programmes.
"Who will stand in the way of that? What you are seeing is that for the first time the industry will provide money towards the establishment of this fund to help those who are negatively affected by gambling."
The House passed the bill, as the Opposition abstained, by 21 votes for, none against and 15 abstentions.
The House next sits at 1.30 pm on Friday, which is private members day, for a no-confidence motion
