In response to a recent United Nations report, Mark Rutherford, acting chief officer of the Isle of Man’s Gambling Supervision Commission (GSC), addressed claims that the island’s regulatory approach is too lenient, potentially enabling international crime syndicates to exploit the jurisdiction for cyber-fraud. Rutherford expressed disappointment over the criticism, emphasizing that the GSC adheres to strict international standards and actively works to prevent financial crime.
The UN’s report raised concerns that the Isle of Man’s perceived “relaxed” regulatory environment might attract entities involved in transnational criminal activities, particularly syndicates from Asia engaging in cyber fraud. However, Rutherford asserted that the GSC has implemented robust entry requirements for new licensees and maintains rigorous ongoing supervision. “The GSC conducts its regulation in line with international standards and was disappointed to read in the UN report an allusion to lax regulatory controls in the Isle of Man,” Rutherford explained, according to Isle of Man Today.
He referenced the island’s favorable assessment from Moneyval in 2016, which praised the GSC’s anti-money laundering (AML) and counter-terrorism financing (CFT) framework, awarding it high marks for technical compliance. This assessment, Rutherford suggested, contradicts the UN’s implication of insufficient controls.
Strengthening Oversight and Tackling Emerging Criminal Typologies
Acknowledging that cybercrime strategies continuously evolve, Rutherford noted the importance of proactive measures to adapt to new threats. Since 2016, the GSC has intensified its supervision, establishing a specialized division dedicated to AML and CFT, fully equipped with experienced personnel. “The GSC has also demonstrated it will take steps under its regulatory remit where it discovers non-compliance as can be seen with recent, publicised enforcement cases,” Rutherford said, referring to past enforcement actions like the license suspension of King Gaming earlier this year.
Rutherford confirmed that, although King Gaming’s license revocation was a significant event, it has not affected the volume of license applications, suggesting confidence in the GSC’s processes remains high. “We’ve had about 250 licenses in our time and we’ve had one of them turn into this. That’s not to be complacent,” he told the Tynwald scrutiny committee, asserting the importance of both vigilance and proportionality in regulatory actions.
Continued Collaboration and Commitment to International Standards
Rutherford emphasized the GSC’s engagement in both on-island and international forums to monitor emerging money laundering typologies. The GSC, he noted, remains committed to staying informed on global threats and adjusting its practices accordingly. By participating in international collaborations, the agency seeks to uphold its established reputation for regulatory integrity.
“This applies to the emergence of new money laundering typologies in the gambling sector,” Rutherford told local media. He highlighted that criminals regularly develop complex methods to launder money through legitimate-looking channels, which can operate for some time before being identified. “Many jurisdictions have been targeted by criminals seeking to misuse gambling licenses. This is the first typology in our history that has caused the GSC to suspend and then revoke licenses.”
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