The Commission shall carry on a continuous study of the operation and administration of casino control laws which may be in effect in other jurisdictions, literature on this subject which may from time to time become available, federal laws which may affect the operation of casino gaming in the Virgin Islands, and the reaction of citizens to existing and potential features of casino gaming under this chapter. It shall be responsible for ascertaining any defects in this chapter or in the rules and regulations issued thereunder, formulating recommendations for changes in this chapter to prevent abuses thereof, guarding against the use of this chapter as a cloak for the carrying on of illegal gambling or other criminal activities, and insuring that this chapter and the rules and regulations shall be in such form and be so administered as to serve the true purposes of this chapter. The Commission shall make to the Governor and the Legislature an annual report of all revenues, expenses and disbursements, and shall include therein such recommendations for changes in this chapter as the Commission deems necessary or desirable. The Commission shall report immediately to the Governor and the Legislature any matter which in its judgment require immediate changes in the laws of this Territory in order to prevent abuses and evasions of this chapter or rules and regulations promulgated hereunder, or to rectify undesirable conditions in connection with the operation and regulation of casino gaming.