The Irish government has published an outline of legislation which will see the creation of a new gambling regulator.
Published on 21 October, the General Scheme of the Gambling Regulation Bill sets out the framework for the future regulation of all forms of gambling in the country. It will also see the establishment of a new independent regulator, the Gambling Regulatory Authority of Ireland.
The legislation seeks to replace what minister of state at the Department of Justice, James Browne, characterised as the “outdated, fragmented” and “incoherent” legal framework under which the sector currently operates.
The new regulator will be responsible for licensing, monitoring compliance and enforcement, and will also oversee gambling advertising and AML compliance. In the latter role, the new agency will have the power to investigate suspected money laundering activity, instigate prosecutions and impose sanctions.
While the regulator is intended to ultimately be self-funding, EUR500,000 have been set aside by the government in this year’s budget to finance it.
Browne said that the authority will employ 100 people. He confirmed that a CEO designate will be appointed early next year.