The government of the Cayman Islands postpones the tightening of gambling legislation
The government of the Cayman Islands postpones plans to introduce a system of tightening fines for unauthorized gambling, as well as a revision of legislation dedicated to gambling regulation.
Samuel Balgin (prosecutor) made a brief statement that the government postponed amendments to the Gambling Act in order to take a closer look at the necessary innovations.
The Prosecutor did not mention the specific reasons why amendments to the Gambling Law, adopted in 1964, should be postponed.
The head of the opposition, Ezzard Miller, resolutely opposed the adoption of edits, said that such measures would only exacerbate the situation in the gambling market and contribute to the organization of the shadow market. Miller, on the contrary, advocates a policy of moderate regulation and taxation to ensure normal conditions for the functioning of the gambling business and a gradual reduction in the size of the profits of gambling operators.
The changes proposed by the government suggested a significant increase in fines and imprisonment for those convicted of participating in and organizing illegal gambling. The maximum term of deprivation of will - 3 years, and the amount of the fine will increase to $10 thousand.
In a statement, the prosecutor stressed that legislative delay won’t cancel the current legislation.
Players in the Cayman Islands do not have the opportunity to legally participate in gambling, despite the fact that there are legal casinos in other Caribbean countries.
Island legislators from time to time are considering the possibility of creating a national lottery to compete and eradicate illegal lottery operators.