The T&T Members Club Association (TTMCA) is warning that in its current form the Gambling (Gaming and Betting) Control Bill, 2016, which goes to Parliament for debate from Friday, will result on the virtual shut down of the local gaming industry and massive job losses.
In a statement yesterday, the group said while it had been lobbying for legislation to properly and fairly regulate the industry, the Bill contains several clauses they considered to be flawed. They want the legislation to go before a Joint Select Committee before it is debated.
The TTMCA said it had more than a year to study the Bill and to get legal advice. They are appealing to the Government to ensure a good law is passed to properly regulate the industry.
The group said a Bill was laid in Parliament last year but was not debated to its logical conclusion and it is the very same legislation that is being re-introduced into the Parliament once again for debate.
A check of the T&T Parliament website shows that the Bill was introduced in the House of Representatives on July 1 by Finance Minister Colm Imbert. It provides for, among other things, establishment of a Gambling (Gaming and Betting) Control Commission to regulate the sector. Tough penalties are prescribed for breaches of the law.
At present four pieces of legislation make up the licencing and regulatory framework for the industry. The sector has expanded rapidly in recent years and while there are no legal casino operating in the country, there are 72 registered private members' clubs that operate like casinos.
Government is of the view that, if properly regulated, the gaming industry can contribute to the economy by creating employment and generating an additional $500 million in revenue annually. It is estimated that the existing unregulated industry employs some 7,000 workers with an associated weekly wage bill of about $6.7 million. In his 2016/2017 budget presentation, Imbert said T&T is the only country in the world with "an openly thriving gambling sector that is totally unregulated." He said the Bill will bring all forms of betting and gaming activities under a comprehensive and robust framework of regulations meeting the global standards required by the Financial Action Task Force (FATF) and the Caribbean Financial Action Task Force (CFATF).
However, the TTMCA is raising objections to several provisions in the Bill, claiming they are unnecessarily restrictive and "will stifle the growth of the industry and render its regulation unwieldy."
The group is also objecting to some of the penalties prescribed in the legislation which can include fines on summary conviction of up to $25 million.
"How does one justify treating things with so high an offence bracket, $25 million, $1 million, et cetera, on summary conviction alone?" the group asked in its statement.