The parliament of Curacao is presently deliberating on a much-anticipated bill intended to overhaul existing gambling regulations. Referred to as the National Ordinance on Game of Chance (LOK), the proposed legislation aims to provide stronger safeguards to players and ensure that the gambling sector aligns with the stringent standards applied in major international jurisdictions.
Despite the comprehensive changes encompassed by LOK, consensus regarding its readiness for endorsement is not universal. The island’s Independent Advisory Body assessed the bill in a session last week, which instead of providing clarity, raised a plethora of queries.
In a comprehensive report of almost 30,000 words constituting its public stance on the issue, the Advisory Body pinpointed several areas of concern in the existing text of the LOK. Foremost amidst such reservations are issues pertaining to how the proposed gambling legislation meets the anti-money laundering (AML) requirements outlined by the Financial Action Task Force’s (FATF).
The Advisory Body further stated that the LOK falls short in elucidating how it complies with these regulations. “More importantly, the associated memorandum fails to detail how the proposed changes are in line with the FATF Recommendations,” commented the Body during its review.
“It should be mentioned that the accompanying memorandum does not adequately clarify how the proposed amendments adhere to the National Package. Furthermore, Curacao underwent an evaluation by the Financial Action Task Force in 2012, which led to a five-year follow-up procedure that aimed to rectify Curacao’s deficits in tackling money laundering and eradicating terrorist financing.”
says the dispatch shared by the Advisory Body
MP Calls Out Additional LOK Discrepancies
In addition to the Council’s observations, members of the country’s parliament have also expressed their reservations about the National Ordinance on Game of Chance. As relayed by the Antillean Dagblad, Steven Martina MP weighed in on the imminent alterations to the regulated gaming sector. One crucial facet of the new legislation is the implementation of a fresh supervisory body responsible for gambling oversight, the Curacao Gaming Authority.
While this development seems promising, Martina expressed concerns over the Gaming Authority being established as a foundation. The parliamentarian suggests that given its structure, the Authority may not enjoy insulation from potential political interference.
With the dawn of the new year, LOK-compliant online casinos will be required to display a distinct digital insignia. This initiative is intended to enhance transparency within the sector while simultaneously allowing operators to demonstrate their licensure status. All digital platforms of LOK-licensed online casinos operating in Curacao are mandated to prominently display the new digital seal.
