The gambling industry in Curaçao is set to undergo a major regulatory overhaul, with tighter standards and enhanced player protection measures being introduced, as announced by Minister of Finance, Javier Silvania, during the iGaming NEXT Valletta 23 conference.
Minister Silvania Highlights Key Aspects of Curaçao’s Gambling Reform
The upcoming legislation, known as the National Gambling Ordinance (LOK), is currently undergoing review by the Advisory Council and will then proceed to the parliament for approval. It is expected to bring significant changes to the gambling sector, particularly in the areas of anti-money laundering measures, fraud prevention, and player safeguarding.
During the conference, Minister Silvania emphasized the importance of transparency regarding the source of funds entering the country and urged operators to comply with legislation aligned with reputable jurisdictions and international laws concerning money laundering.
One of the key components of the new rules is the establishment of a new supervisory authority called the Curaçao Gaming Authority. This authority aims not only to prevent illegal activities but also to curtail them, signalling Curaçao’s determination to shed its reputation as the “red-haired stepchild” of the gambling industry.
Minister Silvania stressed the significance of collaboration and cooperation with other jurisdictions to ensure a level playing field for operators and suppliers. The ultimate goal is to safeguard players’ interests and uphold the integrity of the entire gambling industry.
Curaçao’s Reforms Aim to Restore Trust in the Gambling Sector
The transition to the new regulatory regime will be smooth, with existing operators allowed to continue their business without interruption. To streamline the license application process, the Gambling Control Board (GCB) will launch a dedicated portal.
While acknowledging that the majority of operators with a Curaçao license maintain the integrity and follow good practices, Minister Silvania acknowledged that some have abused Curaçao’s reputation. The reforms aim to address these concerns and restore the credibility of Curaçao’s gambling sector.
The changes in Curaçao’s gambling regulation reflect a broader trend in the industry toward enhanced transparency, responsible gaming, and stronger measures against money laundering. By aligning itself with international standards, Curaçao aims to attract reputable operators while ensuring a fair and secure gambling experience for players.
In the meantime, in May the Australian Communication & Media Authority (ACMA) sought assistance from the Curaçao government in addressing the issue of Curaçao-based online gambling companies operating illegally in the Australian market. Despite previous warnings, these operators have continued to offer their services to Australian customers. The ACMA said it was hoping for a collaboration with the Curaçao Gaming Authority (CGA) and emphasized the need to combat the provision of online gambling services that breach Australian laws.