Curacao's Gaming Law Aims to Combat Money Laundering

Curacao’s Gaming Law Aims to Combat Money Laundering

Added: March 1, 2024

Curacao’s Finance Minister Optimistic About Gaming Law Impact on Money Laundering, Gambling Sector Transition Underway.

During the first reading of the National Ordinance for Games of Chance (LOK) by the regional council, Javier Silvania, Curaçao’s minister of finance provided information about the current NOOGH being replaced by the new law, which was first submitted to the Curacao parliament for approval in December of last year.

Despite acknowledging Curacao’s unfavorable reputation for money laundering, Sylvania was hopeful that LOK would assist to change it. Sylvania brought up the fact that Curacao, being a small island, has a number of issues with its standing in online gambling. Its poor reputation stems from the common belief that it serves as a center for money laundering and criminal activity. But as LOK has grown, this view has started to change.

He went on to say that it’s essential to understand that there’s a big chance of monetary laundering when playing online poker. This is the reason he asked the parliamentarians what role the LOK can play in solving this issue.

Money laundering problems in Curacao

The timing of the LOK’s implementation was emphasized by the Minister in advance of Curaçao’s review later this year by the FATF and the CFATF. Curaçao will play home to a CFATF audit this year. A evaluation will be conducted of Curaçao’s laws and anti-money laundering mechanisms. As a result, this law ought to be enacted and put into effect right away. Sylvania corrected the false information and inaccuracies regarding LOK that he had earlier denounced in his remarks. Sylvania described the misleading data as upsetting and stated there was significant harm.

Sylvania declared in September of last year that LOK would provide a form of security from the list of gray areas. Sylvania also acknowledged that there were misreports about the imminent issue of the permit. He clarified that the future LOK regime will not affect licenses obtained under the present regime.

Important facets of LOK’s growth and effects on Curacao’s economy were emphasized by Silvania. He emphasized the multiplicity of regional and global concepts that went into the creation of LOK by pointing out that it was founded independently. This strategy has contributed to LOK’s current state.

In reference to the financial advantages, Silvania clarified that Curacao’s government gets substantially less money per license under NOOGH than it does in comparison to countries like Malta or the Isle of Man. He stressed that although the Curacao gambling industry has more licenses than these agencies, a large portion of its earnings frequently go to the private or foreign sector, robbing the government and society of their just compensation.

A beneficial effect on Curacao’s economy was indicated by Silvania’s confirmation in December of LOK’s licensing costs. He emphasized that legal gaming jurisdictions provide a foundation for income and may benefit everyone greatly in the long run by improving health, education, and infrastructure investment.

Curacao’s Gambling Sector Prepares for Transition

A significant accomplishment for the law, which has been on the verge of execution for the last six months, is the first proclamation of the LOK in Parliament. A significant accomplishment for the law, which has been on the verge of execution for the last six months, is the first proclamation of the LOK in Parliament.

The GCB inaugurated its license application site on September 1, 2023, marking the start of the new legislative licensing procedure. The betting sector in Curacao has undergone a period of transition since then.

It was reported later in the month that Hilary Stewart-Jones will be joining the GCB in an advising capacity. Following the LOK’s takeover, the Curaçao Gambling Authority will assume regulatory duties. Limited license holders and applicants started registering accounts on the permit application portal in November of last year.

Curacao