The government of Trinidad and Tobago has introduced the Gambling Control Act, set to be implemented in January, to address concerns about money laundering, tax evasion, and inadequate safeguards for vulnerable individuals.
Objectives of Gambling Control Act
The Gambling Control Act in Trinidad and Tobago aims to prevent illicit activities such as money laundering and tax evasion within the gambling sector. By imposing strict regulatory measures, the government intends to ensure that all operators adhere to transparent and ethical business practices. This Act also focuses on protecting the public, particularly problem gamblers and minors, from the negative consequences associated with gambling addiction.
While gambling can provide entertainment and generate significant revenue, without proper oversight, it can also lead to numerous social and economic issues. By regulating the industry, the government of Trinidad and Tobago can not only safeguard players but also ensure that gambling businesses operate within the confines of the law, contributing positively to the economy.
One of the key provisions is that all gaming establishment operators and owners of gaming machines, previously regulated under the Liquor Licences Act, must notify the newly established Gambling Control Commission (GCC) of their existence. Once notified, operators will be required to apply for the appropriate licences and pay relevant licensing fees.
Finance Minister of Trinidad and Tobago Colm Imbert (pictured above) said, “The GCC commission has made significant progress in establishing a regulatory framework, having recently concluded public consultations. The GCC is now refining the feedback received and 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.”
Transitional period
The Act recognises the harmful impact that gambling can have on vulnerable individuals, particularly problem gamblers and minors. To address these concerns, the Gambling Control Commission (GCC) in Trinidad and Tobago will dedicate a portion of the funds collected through licensing fees to support rehabilitation programmes for those struggling with gambling addiction.
A percentage of the funds collected from gambling licences will be allocated to programmes aimed at treating gambling addiction. These funds will also support various community initiatives, including sports, arts, and cultural programmes, helping to mitigate some of the negative effects associated with gambling.
Protecting individuals
The Act recognises the harmful impact that gambling can have on vulnerable individuals, particularly problem gamblers and minors. To address these concerns, the GCC will dedicate a portion of the funds collected through licensing fees to support rehabilitation programmes for those struggling with gambling addiction.
A percentage of the funds collected from gambling licences will be allocated to programmes aimed at treating gambling addiction. These funds will also support various community initiatives, including sports, arts, and cultural programmes, helping to mitigate some of the negative effects associated with gambling.
Imbert added, “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.”
By regulating the industry, preventing illegal activities, and protecting vulnerable individuals, the Act ensures that gambling can continue to thrive in a way that benefits both the economy and society in Trinidad and Tobago.
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