The Minister of Finance, Javier Silvania, made a big revelation about the regulation of online gambling firms in Curaçao during the iGaming NEXT Valleta 23 conference. Beginning September 1st, the country will implement stricter, internationally recognized rules to improve anti-money laundering, fraud prevention, and player safety. The National Gambling Ordinance (LOK) strives to improve Curaçao’s reputation in the sector and assure compliance with worldwide rules.
Curaçao’s upcoming National Gambling Ordinance (LOK) is now being reviewed by the Advisory Council before being submitted to parliament for approval. Once passed, this legislation will impose stricter regulations on the online gaming industry. Anti-money laundering procedures, fraud prevention, and player safety are among the areas of concentration, with the goal of aligning with reputable jurisdictions and international legislation.
Minister Silvania has directed the existing regulator, the Gaming Control Board (GCB), to begin enforcing the regulations in order to adopt and uphold the new standards. During the transition period, the GCB will issue new licences to operators under current legislation, with the goal of seamlessly moving them into the new regulatory framework once it is enacted. This method ensures that the operators’ businesses run smoothly.
To ensure a seamless licensing procedure, the GCB will launch a dedicated platform for operators to register their direct license applications. Minister Silvania voiced dissatisfaction with the idea that Curaçao licenses were “quick and easy to obtain,” with fewer requirements and inadequate monitoring. The new legislation aims to change this perception by establishing a more comprehensive licensing regime.
Minister Silvania emphasized the significance of transparency in terms of the origins of funds entering the country. The new regulation intends to comply with respectable jurisdictions and meet the minimal standards of international money laundering rules and recommendations. The establishment of the Curaçao Gaming Authority, a new regulatory organization, will be critical in avoiding and moderating unwanted and illegal actions in the gambling business.
Minister Silvania emphasized the importance of thorough regulatory reforms in order to shed Curaçao’s reputation as the “red-headed step-child” of the gambling industry. Curaçao, in collaboration with other countries, seeks to level the playing field for operators and suppliers. The ultimate goal is to protect the interests of players while also preserving the integrity of the entire gaming business.
While noting that the majority of operators with a Curaçao license retain integrity and adhere to best practices, Minister Silvania emphasized the need of resolving cases where the country’s reputation has been harmed. The new restrictions are intended to weed out any undesirable activity and to ensure that Curaçao functions as a responsible and trustworthy jurisdiction in the online gambling environment.
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