These charges were levelled at the GCC by internet betting company, Sportingbet, which a couple of weeks ago announced that it would be cutting its Island-based workforce from 33 to 3, and accused the jurisdiction's authorities of being overly rigid.

However, speaking to the Guernsey Press and Star last week, GCC chairman, John Godfrey explained that Sportingbet had been given notice that it would need to stop operating unless it urgently introduced a system of internal controls.

'They were given the opportunity to put it right. Instead of doing so they preferred to go. The Commission will not be concerned if companies that are unable or unwilling to meet the necessary regulatory requirements choose to leave the jurisdiction.'

He added that: 'We have tried to position Alderney so that it is attractive to the highest quality companies, and those seem to be the kind that we are getting. When you are dealing with the ones that we want in Alderney, regulation is not a substantial burden to them because it reflects the way they wish to run their business in any event. It is a matter of good corporate governance.'

Mr Godfrey also told the Guernsey Press that there is 'continuing, widespread interest' in the Island from internet betting providers, announcing: 'It is encouraging. We are quietly and cautiously confident. It is going as well as we could reasonably expect.'