Online Casino Regulation in Antigua to Get More Vigorous

In an effort to regain lost credibility, the Antiguan Directorate of Offshore Gaming announced it will increase monitoring and auditing of online casino inspection for compliance.

The pride Antigua and Barbuda took in receiving the gambling White Listing by the UK Gaming Commission was shaken after the exposure of the regulatory mishaps that occurred as part of the Allen Stanford banking fiasco. In an effort to regain lost credibility, the Antiguan Directorate of Offshore Gaming announced it will increase monitoring and auditing of online casino inspection for compliance.

The Directorate is a branch of the Financial Service Regulatory Commission, which regulates the island's banking industry. The effectiveness of the commission has been called into effect by the Stanford situation, in which Allen Stanford was arrested and his international banking empire shut down by US agents.

Standford International Bank is based on Antigua. Leroy King, CEO of the commission, has been given two month's leave while the circumstances are investigated.

Meanwhile, online gaming industry operators can expect a trickle-down of the damage to result in stricter conditions for them. The Director of Gaming, Kaye McDonald, said, "They (Internet casino owners) recognize that a strong regulatory system protects their players and enhances the credibility of the industry in general, which is in everyone’s mutual interest.”

McDonald affirmed there will be tighter monitoring for money laundering prevention, proper transparency, and accountability of all licensed online casinos. Antigua also emphasizes that its licensees maintain programs to aid and assist victims of problem gambling, and follow responsible gaming practices.

Finance Minster Dr. Errol Cort said he still had total faith in both the gaming commission and its banking regulating brethren. Speaking about the quality of Antigua's regulators, Cort said, "They are governed by the requisite laws to be able to adequately regulate the offshore financial sector as best as anywhere in the world."