Curaçao on the brink of major gambling law change
Minister of Finance Javier Silvania no longer wants the island to be known as “the red-headed stepchild of the gambling industry” with new reforms
Curaçao is now in the final stages of approving its new gambling law, the National Ordinance on Games of Chance (LOK).
The island’s Minister of Finance, Javier Silvania, revealed in Malta this week that the law is about to be put before Curaçao’s parliament following its presentation to the country’s Council of Advice earlier this month.
Silvania expressed that he was pleased with how the process has gone but did state his concern about “lax practices within gambling operations, particularly concerning anti-money laundering (AML) measures, fraud prevention and player protection” and has said that these practices will now no longer be tolerated.
Under the updated law, a new gambling regulator known as the Curaçao Gaming Authority will be established and hold have several powers that will not just prevent but also mitigate against any unwelcome and unlawful activities.
The new authority will begin issuing new licences from 1 September 2023, with the view to bring current licence holders up to international standards.
The new licences will be issued under current law with the aim of transitioning them to the new legislation once it becomes enacted. To ensure a smooth transition process, current licence holders that agree to adhere to the new legislation will be afforded “uninterrupted business operations”.
The new regulatory body will also set up a dedicated portal for operators to register and help ease the process of obtaining a licence in the county.
Speaking on the new law, Silvania expressed his hope that these changes will rid Curaçao of its negative reputation within the industry.
He commented: “It pains me to hear that Curaçao licences have been labelled as quick and easy to obtain, accompanied by lesser regulations and tax monitoring compared to other jurisdictions,” adding that he no longer wanted the island referred to as the “red-headed stepchild” of the gambling industry.
The Finance Minister highlighted that while most companies abide by the law, some have tarnished the country’s reputation.
Silvania said the government needs to know who owns the businesses operating in the country and will do this by conducting appropriate and consistent levels of due diligence.
He remarked: “We require transparency regarding the source of funds flowing into our country, and we insist that operators adhere to legislation that aligns with reputable jurisdictions and, at the very least, meets the minimum requirements of international laws and guidance on anti-money laundering.”