Bermuda Opposition

11/12/2008		Bermuda Opposition
Home History Games News Dictionary		Although inevitable, it doesn't diminish the disappointment associated with the arguments that have surfaced against Bermuda's consideration of legalizing online gambling and therefore possibly becoming the home to millions of dollars in tax monies associated with hosting regulation and licensing responsibilities for said casinos. What is interesting is the fact that the dissention originates not from neighboring competition for licenses, but rather from within the Finance Department of the island. Following the reports issued by the Royal Gazette, the major newspaper in Bermuda, that the government had decided to move forward with plans to set up the nation as a planting ground for internet casinos and corresponding business, Bob Richards, the Shadow Finance Minister voiced his vehement concerns that making such a decision would be the equivalent of throwing a red flag about in front of a bull, the United States being the bull. He claims that such a decision will do more harm to the financial services industry of Bermuda, than would benefit them. One of his main points was his desire to keep Bermuda's reputation clean of tarnish, comparing Antigua's open market for online casinos to their money laundering problems. According to Richards, the correlation between the two is too strong to do anything but hinder current efforts to rid the island of laundering. "We are trying our very best to keep our reputation pristine as far as money laundering is concerned," the Shadow Minister said. "We are quite frankly inconveniencing people a great deal with this anti-money laundering stuff. The purpose is to keep Bermuda's reputation clean." Both just how alone Richards is in his position remains to be seen, but the government has made no response to indicate any intention other than moving forward.

11/12/2008

Bermuda Opposition

Although inevitable, it doesn't diminish the disappointment associated with the arguments that have surfaced against Bermuda's consideration of legalizing online gambling and therefore possibly becoming the home to millions of dollars in tax monies associated with hosting regulation and licensing responsibilities for said casinos. What is interesting is the fact that the dissention originates not from neighboring competition for licenses, but rather from within the Finance Department of the island.

Following the reports issued by the Royal Gazette, the major newspaper in Bermuda, that the government had decided to move forward with plans to set up the nation as a planting ground for internet casinos and corresponding business, Bob Richards, the Shadow Finance Minister voiced his vehement concerns that making such a decision would be the equivalent of throwing a red flag about in front of a bull, the United States being the bull. He claims that such a decision will do more harm to the financial services industry of Bermuda, than would benefit them.

One of his main points was his desire to keep Bermuda's reputation clean of tarnish, comparing Antigua's open market for online casinos to their money laundering problems. According to Richards, the correlation between the two is too strong to do anything but hinder current efforts to rid the island of laundering. "We are trying our very best to keep our reputation pristine as far as money laundering is concerned," the Shadow Minister said. "We are quite frankly inconveniencing people a great deal with this anti-money laundering stuff. The purpose is to keep Bermuda's reputation clean."

Both just how alone Richards is in his position remains to be seen, but the government has made no response to indicate any intention other than moving forward.