Curacao Sets iGambling Reform Start Date
Posted on: July 4, 2023, 10:07h.
Last updated on: July 4, 2023, 10:13h.
The gaming industry in Curacao will operate under more stringent regulations beginning September 1, 2023. It’s a major regulatory overhaul that has been in the works for quite some time for the tiny Caribbean Island nation.
According to the Minister of Finance, Javier Silvania, online operators in Curacao will be accessed according to more strict, internationally recognized standards.
The legislation calling for the reform is the National Gambling Ordinance, also known as the LOK. The LOK is expected to result in tighter regulations for the industry, including anti-money laundering measures, fraud prevention, and player protection.
We demand transparency regarding the source of funds entering our country,” said Silvania during the the iGaming NEXT Valletta 23 conference. “We insist that operators comply with legislation that aligns with reputable jurisdictions and meets the minimum requirements of international laws and guidelines concerning money laundering.”
The LOK also introduced a new regulatory body called the Curacao Gaming Authority. Establishing the new supervisory authority is intended to not only prevent, but also mitigate any unwelcome and unlawful activities, according to Minister Silvania.
Next Steps
Before the September 1 implementation, the Advisory Council reviews the LOK and then proceeds to the parliament. Curacao is a Constitutional Monarchy and is a constituent country of the Netherlands.
Reform has been a slow go in Curacao. The island features several online gambling operators, and the Curacao gaming license is among the most popular. There is also a favorable tax regime for gambling businesses, so changes have seen regular pushback, leading to criticism from the Netherlands and industry players.
Silvania insisted existing operators can continue their business without interruption, and the Gambling Control Board (GCB) will launch a dedicated portal to streamline the license application process.
Minister Silvania stressed that most operators with a Curaçao license maintain integrity and follow good practices. Still, he warned that the country should not forget that some have abused Curaçao’s reputation.
Gaming ‘Red-haired Stepchild’
‘Aligning itself with international standards should allow Curacao to attract even more reputable operators and strive to ensure a fair and secure gambling experience for players.
Minister Silvania says Curacao’s regulations will satisfy the Dutch government’s requirements, and noted that Curacao no longer wishes to be known as “the red-haired stepchild” in the gambling industry.
Curacao’s gambling regulation changes are an attempt to be in step with a broad trend in the industry. The goal is to enhance transparency and responsible gaming by strengthening measures against money laundering.
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Source: casino.org
