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Harsh Allegations for Antigua

Antigua really has just a hard situation ahead of it right now – the government has really been pressuring the United States to recognize the island nation’s legitimate claim to operate online casinos in the US market. The UIGEA really put a huge damper on the Antiguan economy and it has been struggling to recover ever since. All throughout this Antigua has claimed that it has a lot of regulations in place and a very safe internet gambling industry. Now though, a new scandal has erupted and the US banking authorities have implicated Leory King, the top man at the Antigua and Barbuda Financial Services Regulatory Commission of involvement in a huge banking scam.

King has been relieved of his duties while the investigation is under way, but basically, the accusations allege that King did not actually fully conduct the audits that he claims to have made. The US has been investigating Allen Stanford’s business practices and notes that the money from the banking scam was being funneled into Antigua. This situation is seemingly far removed from the online casinos, but not really actually.

If it is the goal of the Antiguan Finance Minister, Dr. Errol Cort, to persuade the US to more lenient online gambling policy then the country really needs to show a strong and united banking system – frauds and scams only add fuel to the fire for why the US blocks offshore internet casinos. The investigation is underway and there is no indication yet of just what the scope of the scam entails.