The Isle of Man government has outlined plans to improve its defences against the “increasingly complex” threat of certain East and Southeast Asian online gambling platforms.
Online gambling companies are the focal point of “an increasingly complex and sophisticated criminal landscape”, as per a government press release.
The press release noted that given the Island’s online gambling sector is “globally attractive”, as well as its close geographical and constitutional ties to the UK, the Isle of Man is at higher risk of exploitation from transnational organised crime rings.
In light of attempts to bypass the Island’s financial crime regulations, as well as what the government described as a “constantly changing threat landscape”, it has confirmed its gambling regulatory authority is reviewing its framework.
The Isle of Man Gambling Supervision Commission (GSC) will assess its practices in “market licensing, supervision and enforcement”, after increased investment in the regulator’s anti-money laundering (AML), counter-terrorism financing (CTF) and counter proliferation financing (CPF) unit.
The GSC has already begun an enhanced monitoring programme that will share information with any relevant agencies.
Additionally, companies looking to secure a GSC licence will now face greater scrutiny during the application process, while more information regarding the risk appetite for new licensees with ties to East and Southeast Asia is expected to be published soon.
For more clarity on how to remain wary of the threats posed by the East and Southeast Asia region, authorities will issue guidance on the types of risks and typologies being deployed in the near future.
Jane Poole-Wilson MHK, deputy chief minister and AML lead for the Isle of Man government, explained: “The Isle of Man government and the Island’s authorities take the illicit actions by transnational organised criminals to exploit the Island’s business environment and immigration security extremely seriously.
“Significant and wide-reaching actions are being taken by agencies, with investment in law enforcement and investigation capability. This includes strengthening the Island’s immigration systems and processes.
“These actions aim to ensure that any vulnerabilities are identified, and that urgent action is taken to mitigate vulnerabilities, thereby strengthening the Island’s countering financial crime regime for the future.
“We will not tolerate the use of the Island for criminal activity and will not hesitate to act to disrupt and prosecute those responsible.”
The government confirmed that more amendments to legislation and the Isle of Man AML/CTF/CPF regime are in development to thwart organised crime.
There are also plans to issue an updated National Risk Assessment (NRA), a tool used to identify, assess and understand the “money laundering and terrorist financing risks facing the Isle of Man”.
The Island’s compliance with standards outlined by the Financial Action Task Force (FATF) is set to be reviewed by monitoring body MONEYVAL in October 2026.
In the meantime, the Isle of Man government has pledged to invest more into efforts looking to combat harm to the Island’s status as “reputable international finance centre”.
The government update comes after a UN report published in October said the Island’s current framework was susceptible to organised crime.
At the time, the acting chief of the GSC, Mark Rutherford, refuted the claims in the report. He told local press he was “disappointed” with the report’s findings.
Rutherford has since been named the permanent GSC CEO.
The post Isle of Man bolsters defences against “sophisticated” Southeast Asia criminals first appeared on EGR Intel.
Island’s Gambling Supervision Commission (GSC) is set to review its “market licensing, supervision and enforcement” practices amid concerns over international threats
The post Isle of Man bolsters defences against “sophisticated” Southeast Asia criminals first appeared on EGR Intel.