Gibraltar Betting and Gaming Association launches new charitable foundation

The Gibraltar Betting and Gaming Association (GBGA) has confirmed the launch of a new registered charity, Gibraltar Gambling Care Foundation (GGCF), which aims to protect at-risk players.

In the interest of posts on other topics Gibraltar finds important, Fintech and Gaming both have a strong presence on The Rock.

Not saying it's right, but we can look at how these industries affect Gibraltar; and how they might not be in Gibraltar's interest. This requires not always associating success with finances.

Usually addiction comes with gaming and was brought up in Gibraltar's Gamble with 5G – Section 4.

The GBGA is recognizing this addiction with its creation of the charity.

And according to some, gaming will continue to thrive:

Gibraltar gambling industry will continue to ‘grow and thrive’ post-Brexit

Background:

How Gibraltar became one of the world's biggest gaming hubs

Gibraltar added, Malta removed from FATF grey list

Gibraltar has been added to the Financial Action Task Force (FATF) grey list as a result of failings related to its gambling industry, though Malta has been removed.

FATF – a global anti-money laundering body – keeps a list of “jurisidctions under increased monitoring”, also known as its grey list.

1024px-Top_of_the_Rock_of_Gibraltar_0

In a press conference today – which was delayed due to extended discussions at the FATF plenary – the body revealed that Gibraltar was added to the list.

As a result, officials in Gibraltar have adopted an action plan on the issue.

“Gibraltar needs to take a number of steps including focusing on gatekeepers to the financial system, including gambling operators and lawyers,” FATF chair Marcus Pleyer explained. “At the moment, supervisors are not applying sufficient fines for anti-money laundering failings.

“This is important as the gambling sector in Gibraltar is large and is aimed at foreign jurisdictions.”

The organisation added Malta to its list of jurisdictions subject to increased monitoring in June 2021, alongside the Philippines, Haiti and South Sudan.

FATF explains that it places countries on the list if it believes they have “strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing”.

Gibraltar added, Malta removed from FATF grey list - Compliance - iGaming Business

Andrew Lyman: “Gibraltar Commission won’t apply artificially rules to meet FATF demands on tougher gambling sanctions”

Andrew Lyman , Gibraltar’s Chief Commissioner for Gambling, has stated that his department is committed to helping the government remove the British Overseas Territory from the Financial Action Task Force ‘s (FATF) ‘greylist’ – ‘in the quickest of time possible’.

The statement was made to delegates attending the KPMG Gibraltar e-Gambling Summit this morning, in which Lyman detailed his surprise at the FATF’s decision to brand Gibraltar as a high-risk AML jurisdiction.

Addressing ‘lurid and skewed media headlines’, Lyman stood up for Gibraltar asserting that “there are no fundamental, systemic, AML/TF weaknesses in this jurisdiction and Gibraltar now has a strong AML and TF system which makes the greylisting decision more difficult to cope with”.

From his own interpretation of FATF’s rulings, Lyman stated there are only two action points to address on ‘successful confiscation cases’ (a subject of law and police) and supervisors imposing proportionate and effective sanctions where appropriate.

Highlighting the latter action point, that has led to Gibraltar being subject to enhanced FAFT monitoring, he outlined a spotlight has been placed on the ‘efficacy of gambling supervision in the jurisdiction’ and the imposition of appropriate sanctions.

Lyman stood by the Gambling Commission’s track-record on supervising ‘high-risk’ gambling businesses, stating his opinion that had the FATF accepted that the range of sanctions imposed by the Gambling Division in the post-observation period were effective and proportionate. “It may be that Gibraltar would not have been placed on the greylist at all. That is my perception,” he noted.

Accepting the FATF’s decision, Lyman underscored that the Gambling Commission and Gibraltar authorities were committed to maintaining the Moneyval and FATF’s processes that have been fully embraced by the jurisdiction.

He said: “This is the shortest action plan for any grey-listed jurisdiction and a different outcome may have been to return Gibraltar to Moneyval enhanced monitoring; as happened with the Isle of Man. Unfortunately, this alternative was not adopted.”

https://sbcnews.co.uk/slider-images/2022/06/23/andrew-lyman-gibraltar-commission-wont-apply-artificially-rules-to-meet-fatf-demands-on-tougher-gambling-sanctions/