This Bill seeks to provide for the establishment of the Gambling (Gaming and Betting) Control Commission for the purpose of regulating the Gaming and Betting Sectors which are, both on a global and national level, vulnerable to infiltration by money launderers and terrorist financing. The Commission shall establish a licensing framework which will aid in minimising the potential for money laundering and terrorism financing due to the stringent criteria that will have to be met by anyone desirous of obtaining a licence permitting them to work in the gambling sector. It is recognised too, that these sectors have the potential to contribute meaningfully and positively to the national economy if regulated effectively, by creating employment prospects not only in the sector but in other sectors servicing that sector, thereby creating greater tax revenues.
The Bill consists of 94 clauses and five schedules. It requires a special majority in order to be passed. The resulting Act will come into force upon Proclamation.
