New South Wales to introduce new regulator

Things are changing in New South Wales for the gambling industry. While Crown Resorts got a much-needed reprieve and will have the opportunity to go ahead and launch under a conditional license, there are bigger changes brewing in the state.

With an order of Minister Kevin Anderson, a set of changes is beginning, backed by the NSW Government, which will seek to revisit gambling legislation and enact reforms that can help the state safeguard against practices that led to the Bergin Inquiry, a low-point in the casino and gambling industries.

As a result, the NSW Government and Minister for Hospitality and Racing Anderson want to move ahead with a set of new measures and ensure that all 19 recommendations of the inquiry are considered and ultimately put into effect in full. The hope is that by learning from the lessons of the Bergin Inquiry, NSW can move forward and create an industry that is safer for everyone.

These recommendations will be implemented by a new regulating body, the so-called NSW Independent Casino Commission (NICC). This is only fitting given that Crown Resorts had to cleanse its midst and ranks from what was seen as corrupt officials who have allowed underhand practices to happen there in the first place.

Something similar is now happening with the regulator. The idea is not to ensure strict punitive measures but to introduce a framework for transparency that prevents offenses to happen in the first place.

The NICC will be working on several fronts, including reaching out to police authorities and the Crime Commission in order to ensure that money laundering is tackled and not abated by casinos in NSW. Commenting on the official statement, Anderson said:

"A dedicated Chief Commissioner will be appointed to lead the NICC. They will be supported by up to four additional Commissioners, including at least one with specialist anti-money laundering expertise."

The Bergin Inquiry has offered a long list of recommendations that will no doubt be followed up on, including junket operators, an independent monitor for each license that is issued by NICC and appointed by the NICC. There will also be a prerequisite for all casino operators to report to AUSTRAC any suspicious transaction.

Australia is already risking ending up on FATF’s grey list, inflicting a blow to its reputation as a rich country, and to stop this, the NICC and gambling regulation will have to improve. There will be also much tighter controls on people who attend casinos and gamble. This and more will be coming to NSW in a bid to fix things up.

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