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One of the arguments against online casinos is its vulnerability as a tool to launder money.  The Isle of Man is one of the biggest online gambling licensing jurisdictions in the world.  Now the territory is working on establishing guidelines for the Prevention of Money Laundering and Countering of Terrorist Financing.  This comes about due to the requirements of the Criminal Justice Code 2008.

The writing of the guidelines have been left in the hands of the Gambling Supervision Commission.  This week the commission invited comments and criticisms on the latest draft of the guidelines from the Association of Corporate Service Providers.

According to the Paul Davenport, the Senior Inspector of the Gambling Supervision Commission, the purpose of inviting comments from the Association of Corporate Service Providers is to “gather information, views and evidence from which the GSC can make an informed decision on the content of the proposed Guidance Notes, so that, when formally published, that content will reflect the most appropriate and helpful advice possible.”

Creation of such guidelines is very important to the future of online casinos and the rest of the online gambling industry.  Money laundering has remained one of the most vulnerable spots of this relatively still new form of gambling.

Online casinos have also been accused of making it easier for illegal sports betting to thrive.  In response to that gambling officials in the United Kingdom developed a partnership with online casinos to better track irregular betting patterns and therefore thwart illegal sports betting.

The Association of Corporate Service Providers has until May 15^th 2009, to respond to the 95 page guidance notes created by the Gambling Supervision Commission.

 

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