The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Bahamas remains exposed to potential international sanctions over illegal web shop gaming as a result of Monday’s referendum, the ‘Yes’ vote campaign co-ordinator wartned yesterday.

Philip Galanis said this nation remained in the cross hairs of the Organisation for Economic Co-Operation and Development (OECD) and its Financial Action Task Force (FATF) over anti-money laundering regulations, although he argued that Monday’s result was not the end of the matter.

Speaking with Tribune Business briefly yesterday, Mr Galanis said: “We had advised Bahamians that in an unregulated environment there was the possibility of sanctions being taken against the Bahamas for not having adequate anti-money laundering legislation and regulations in place. That still applies.

“However, the Bahamian people spoke very clearly and said they do not want to have this industry regulated and taxed. As a consequence, the Bahamian people lost yesterday.”

Prime Minister Perry Christie stated previously that if the Bahamas said ‘Yes’ to the legalisation of web shop gaming, tax revenues ranging from $15 million to $20 million a year could be funnelled into the Public Treasury.

As for the reported 3,000 persons employed in the Bahamian, web shop gaming industry who could be out of work if the Government shuts down the sector, Mr Galanis said: “We in the ‘Vote Yes’ Bahamas campaign remain concerned for the employment of persons in this industry, to the extent that their jobs may be at risk, but I do not think that by any stretch of the imagination this matter is settled.

“I don’t think this is over. I always maintained that referendum day was not the end of the process but the beginning. I think that we are now beginning a new chapter in the annals of this industry, and we just have to stay tuned to see how it plays out.”

Mr Galanis added: “I think the Government is going to have to assess whether it’s going to allow 20 per cent of the people to dictate to the other 80 per cent, and by that I mean, assuming that the ‘No’ votes constituted 20 per cent of the voters, is the Government is going to allow the other 80 per cent to be dictated to by the 20 per cent. No modern democracy would fathom that.”

Less than 50 per cent of registered voters participated in the referendum, which also proposed the establishment of a National Lottery.