Curacao Sets iGambling Reform Start Date - Newstbt.com
Furthermore, visitors to Curacao will be welcomed by a sign announcing the island’s upcoming gaming regulation reform, which is set to take effect this September. (Image: Curacao.com)
This September, Curacao is set to enact a major reform of its iGaming regulations – known as the National Gambling Ordinance (LOK). The LOK brings in tighter regulations, such as anti-money laundering measures, fraud prevention, and player protection. This reform has been in the works for some time, and according to the Minister of Finance, Javier Silvania, it will ensure that online operators in Curacao adhere to internationally recognized standards. At the iGaming NEXT Valletta 23 conference, Silvania stated, “We demand transparency regarding the source of funds entering our country.” As a sign of this reformed legislation, visitors to Curacao will be welcomed by a sign announcing the upcoming changes. (Image: Curacao.com)
We are dedicated to ensuring that operators comply with regulations set by reputable jurisdictions and that they meet the minimum requirements of international laws and guidelines in regards to money laundering. Minister Silvania has announced the formation of a new supervisory authority called the Curacao Gaming Authority to help prevent and address any unlawful activities that may arise. The next steps are to ensure that we properly implement these new structures and regulations.
Prior to the September 1st implementation date, the Advisory Council reviewed the LOK before it went to the Parliament. Curacao is a part of the Kingdom of the Netherlands and is a constitutional monarchy. Over the past few years, reforms have been slow-moving in the country. Despite this, Curacao has become popular for its online gambling operators, who often acquire the highly sought-after Curacao gaming license, as well as taking advantage of the attractive tax regime. There has been a lot of resistance to any changes proposed, leading to criticism from both the Netherlands and players within the industry. Minister Silvania was adamant that the operators that had already obtained the license should not be affected and the Gambling Control Board (GCB) would be putting in place a streamlined licensing process via a dedicated portal. He warned the people of Curacao not to forget that some operators have taken advantage of the country’s reputation and used it to illicit means. Gambling is an issue that has been a controversial, yet accepted, ‘red-haired stepchild’ for Curacao.
Gaming ‘Red-haired Stepchild’
Minister Silvania has stated that with Curacao aligning itself to international standards, it will be able to draw more responsible operators and ensure players have a secure and fair gambling experience. The new regulations are an effort to keep up with the pattern of the gambling industry and promote both responsible gambling and transparency, with increased measures in place to tackle money laundering. Curacao is no longer willing to be labelled as “the red-haired stepchild” in the gambling sector.
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