The Curaçao gambling sector is preparing for a significant regulatory transition, featuring more stringent standards and improved measures for player protection. This was revealed by Javier Silvania, the Minister of Finance, at the iGaming NEXT Valletta 23 conference.
Key Components of Curaçao’s Gambling Reform, as Highlighted by Minister Silvania
The prospective law, referred to as the National Gambling Ordinance (LOK), is currently under scrutiny by the Advisory Council before it moves forward to parliament for consent. The law potentially signals pivotal transformations in the gambling industry, primarily concentrated on anti-money laundering and fraud prevention initiatives, as well as player welfare measures.
Minister Silvania underscored the necessity for clarity on the origins of funds entering the nation during the conference. He further encouraged operators to remain compliant with laws that align with esteemed jurisdictions and international anti-money laundering rules.
The foundation of a supervisory body, the Curaçao Gaming Authority, is a primary element of the updated regulations. The goal of this authority stretches beyond merely preventing unlawful practices to additionally preventing their occurrence. This highlights Curaçao’s commitment to dispelling its image as the “red-haired stepchild” of the gambling world.
The importance of accelerated collaboration and cooperation with other gambling jurisdictions was highlighted by Minister Silvania. By establishing an equal playing ground for operators and suppliers, player interests can be protected, and the integrity of the entire gambling arena can be maintained.
Objectives of Curaçao’s Reforms: Reinstating Confidence in the Gambling sector
The migration to the newly reformed regulatory system is expected to be seamless, permitting current operators to pursue their business activities without interference. To further facilitate the licensing process, a bespoke portal will be launched by the Gambling Control Board (GCB).
While recognizing that a majority of operators with a Curaçao license uphold integrity and adhere to best practices, Minister Silvania conceded that there have been instances where Curaçao’s repute has been exploited. The intent of the reforms is to address such instances and reestablish the trustworthiness of Curaçao’s gambling industry.
The anticipated modifications of the gambling rules in Curaçao echo a wider trend in the industry towards transparency, responsible gaming, and robust measures against money laundering. By aligning with international standards, Curaçao intends to draw reputable operators while providing a fair and secure gambling environment for gamers.
In the interim, in May, the Australian Communication & Media Authority (ACMA) requested aid from the Curaçao government to tackle the problem of Curaçao-based online gambling companies operating illegally on the Australian market. Despite previous cautions, these operators have continued to offer their services to Australian consumers. The ACMA expressed a desire for a partnership with the Curaçao Gaming Authority (CGA) and emphasized the importance of fighting against online gambling services that violate Australian legislation.
