An executive in the online gaming sector, who was previously banned from entering the Isle of Man, is seeking to have the decision overturned.
Phua Cheng Wan, the owner of Boldwood Software, remains under an indefinite ban imposed by the Isle of Man’s Gambling Supervision Commission (GSC) in July.
Following a review, the regulator concluded that Wan had connections with “bad actors” and deemed him unsuitable to hold a licence.
However, his representatives claim that new information has come to light, and he is now seeking to overturn the decision and set aside the settlement agreement he signed at the time the ban was imposed.
Singaporean media previously linked Wan to a group whose members were convicted of money laundering and running an illegal gambling network.
In June 2024, charges were filed against Cypriot national Wang Dehai, alleging that Wan had applied for employment passes on Dehai’s behalf through his company Craft Digital.
It is important to note, however, that while the GSC’s investigation found “evidence of association with criminal elements,” Wan himself has never been convicted or held legally responsible for any offences.
His company, a platform provider for the online gaming industry, was licensed in the Isle of Man from November 2022 until May of this year, when it surrendered its licence after the GSC issued a notice and an enforcement report.
The Isle of Man has repeatedly warned about potential risks when working with companies or owners connected to East and Southeast Asia.
According to the National Risk Appetite Statement published by Digital Isle of Man, the island has a “limited appetite” for online gaming companies from the region due to the threat of “criminal infiltration.”
The report notes: “The Isle of Man recognises that, in common with other jurisdictions, its online gaming and gambling platforms may be targeted by an evolving and increasingly complex and sophisticated criminal landscape in East and Southeast Asia.
“That landscape has extended outside of East and Southeast Asia, impacting countries worldwide, and there has become a need for increasing vigilance when conducting business linked to this region. Sources available to the domestic authorities indicate that the Isle of Man has been subject to infiltration by criminals bypassing the Island’s controls against financial crime.”
Recent high-profile sanctions imposed by UK and US authorities against the Cambodian conglomerate Prince Group and its owner Chen Zhi have once again highlighted the dangers posed by criminal organisations in the region.
The group has been accused of using disused casinos to conduct fraudulent operations, resulting in billions of dollars in losses for victims.
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