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V Financial Regulatory Compliance and Money Laundering Rules: C. Internet Gaming
By BrettBum | August 28, 2001
(1.) Computer wagering Licensing Act of 1995
Since Belize is one of the few countries to have enacted legislation allowing this activity. It has garnished mixed attentions from the world community on the subject. In addition, a Belizean bank account is required for the daily processing of user transactions that can incur fees of five percent or twenty dollars US (the higher of).[1]
This legislation is one of the few actions that the Government has taken to capitalize on the potential of the internet. Such a decision might pose a double edge sword in establishing the internet as a viable portion of the Belize, economy driving E-commerce development and a overhaul of the telecommunications sector. However, the price in perception and reputation could prove to be as harmful as the reputation acquired in the 1970’s and 80’s for the prevalence of drug trade activity.
It is necessary to attain a written license from the “Belize Computer Wagering Licensing Board.” Failure to attain a license is considered an offence. A license will not be granted to persons under the age of eighteen, nor to someone who has been convicted of a crime within the last three years in Belize or in other countries, nor to anyone who is known to be of “bad character.”
One year licenses can be attained for $50-100k US renewable at the end of March each year. A security deposit of $500k US is also required to cover wager claims and any fines prescribed by the board. Failure to pay a wager or fine will result in the amount to be withdrawn and paid from this deposit. Finally, it is required that a fifteen withholding income tax must be paid to the Commissioner of Income Tax by any person that pays a wager.[2]
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[1] Lowtax.net, supra note 8.
[2] Computer Wagering Licensing Act (Chap. 149), 2000 Revision.
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Topics: Computer wagering Licensing Act of 1995, Internet Gaming |
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