At the start of the month, the Isle of Man Gambling Supervision Commission (GSC) introduced a public consultation regarding an important package of draft legislative reforms aimed at restrengthening the gambling regulations on the Island.
Getting Ready for MONEYVAL 2026
The changes, which would realign the jurisdiction with the constantly evolving international standards, are expected to come in preparation for the much-anticipated MONEYVAL inspection in 2026.
The latter will be conducted as a Mutual Evaluation by a team of evaluators, including experts from several MONEYVAL member jurisdictions, as well as members of the MONEYVAL Secretariat.
Another critical goal of the consultation, officially opened on July 2 with a closing date established for August 13, is to reinforce the GSC’s ability to supervise both online and brick-and-mortar gaming operators effectively.
Seven Acts Under Discussion
The consultation covers amendments to seven important pieces of legislation, including the Gambling Act 2018, also known as the Anti-Money Laundering and Countering the Financing of Terrorism, the Gambling Supervision Act 2010, and the Gambling (Amendment) Act 2006.
The list also includes the Online Gambling Regulation Act (OGRA) 2001, the Casino Act 1986, the Gaming, Betting and Lotteries Act 1988, and the Gaming (Amendment) Act 1984.
The main reason behind the proposed reforms is the setup of a fresh set of inspection and investigation powers which would replace all outdated or fragmented provisions with a unique, consistent framework inspired by the Financial Services Act 2008.
According to the new powers, GSC would be able to do a wide range of activities, covering routine on-site checks, executing search warrants, and seizing documents, among others.
The commission’s authority would also extend to current and former licensees, as well as key individuals such as controllers, senior managers, and beneficial owners.
Even those engaged in gambling activities without a license could fall under scrutiny in certain circumstances.
According to GSC, the changes will “deliver benefits to the gambling industry by bolstering the Island’s reputation as a well-regulated and internationally credible jurisdiction.”
Changes for Service Providers and Operators
For operators and service providers, the reforms would bring a number of significant changes. An essential one would be the standardization of important definitions for terms such as “beneficial owner”, “controller”, and “senior manager”.
The amendments could also lead to “fit and proper” assessment tests aimed at suitability throughout the life of a license, not just at the application stage.
The changes would focus on bringing enhanced accountability for key compliance roles like money laundering reporting officers and anti-money laundering officers.
The GSC also wishes to see updates on the rules regarding the license surrender procedure, requiring operators to submit wind-down plans and ensuring orderly exits.
New offences would cover obstruction, providing false information, or non-compliance with investigations.
The Commission’s regulatory priorities will also go through serious refining, with the purpose of elevating the duty to safeguard the Island’s reputation and removing its previous obligation to promote economic development to eliminate potential conflicts of interest.
Stakeholders are required to go over all proposals and offer their honest feedback, particularly regarding ownership thresholds and the purpose of the GSC’s expanded enforcement powers.
At the end of the consultation, the revised legislation will be put forward to the High Court of Tynwald for approval, marking a major step in future-proofing the Isle of Man’s gambling oversight.
The GSC has promised to provide “equal opportunities” to all consultants, reiterating their aim to make their documents “easy to use and accessible to all.”
“We will take steps to accommodate any reasonable adjustments and provide such assistance as you may reasonably require to enable you to access or reply to this consultation.”, the official announcement further said.
In May, the GSC announced the Isle of Man Treasury’s appointment of Gregory Petts as its new chairman of the regulatory body.