The Isle of Man’s Gambling Supervision Commission (GSC) has taken strong exception to a United Nations report that names the British Crown protectorate’s gambling regulations as “susceptible to exploitation” by organized crime networks.
Acting GSC CEO Mark Rutherford strongly refuted the UN’s Office on Drugs and Crime (UNODC)’s report that organized crime syndicates have set up Asia-targeted operations in popular iGaming jurisdictions like the Isle of Man, Curaçao, and Malta.
According to the Isle of Man Today, Rutherford said he was disappointed by the UN’s claims of the protectorate’s “lax regulatory controls” and that the Commission “conducts its regulation in line with international standards.”
the Commission “did not agree” with the UN’s accusation of inadequate controls
Rutherford referenced GSC’s high technical scoring in an anti-money laundering, combating financing of terrorism evaluation by Europe’s top monitoring body and that the Commission “did not agree” with the UN’s accusation of inadequate controls.
“The GSC has entry controls in place for businesses seeking licences and an ongoing supervision regime,” he added.
Earlier this year, the GSC revoked the license of Asia market-focused, Jade Tree Ltd-affiliated King Gaming following a raid and subsequent police investigation into fraud and money-laundering.
Despite the UN report highlighting the flood of cybercrime and illegal online gambling operations blighting Southeast Asia in relation to its accusation about the Isle of Man, Rutherford said the King Gaming case was a one off.
“We’ve had about 250 licences in our time, and we’ve had one of them turn into this.”
Rutherford stuck by the Isle of Man’s ongoing popularity as a jurisdiction, stating despite the UN report, the protectorate has a “zero-tolerance attitude towards financial crime.”
