In an announcement made during iGaming NEXT Valletta 23, Finance Minister Javier Silvania unveiled Curaçao’s plans to expedite regulatory reforms by issuing direct licenses to gambling operators starting in September 2023. These licenses will hold operators accountable to internationally recognised standards, with the aim of addressing troubling corporate behaviour and ensuring immediate action.

Last summer, Curaçao initially revealed its intention to overhaul the regulatory regime governing the iGaming industry, discontinuing the current system of master and sub-licenses. The National Ordinance on Games of Chance (LOK), a new law designed to bring about these changes, is currently progressing through the parliamentary process. The LOK was recently presented to the country’s Council of Advice, marking the final step before its submission to parliament.

While satisfied with the progress made, Minister Silvania emphasised that lax practices within gambling operations, particularly regarding anti-money laundering measures, fraud prevention, and player protection, can no longer be tolerated. Consequently, Silvania has directed the Gaming Control Board (GCB), the existing regulator, to implement and uphold the new standards.

Under the current legislation, the GCB will begin issuing new licenses to operators, with plans to transition these licenses into the new regulatory framework once it is enacted. To ensure a seamless transition for existing operators willing to adopt the new regime, the government will allow uninterrupted business operations. The GCB is also preparing to launch a dedicated portal for operator registration, streamlining the process of obtaining a direct license.

Curaçao to enforce International Standards

Silvania expressed concern over the perception that Curaçao licenses are “quick and easy to obtain,” accompanied by “lesser regulations” and “lax monitoring” compared to other jurisdictions. However, he emphasised that the new legislation will unequivocally reverse this sentiment. Going forward, Curaçao aims to conduct appropriate due diligence to determine the ownership of businesses operating within its borders. Transparency regarding the source of funds and adherence to legislation aligning with reputable jurisdictions and international laws on anti-money laundering are key requirements. Additionally, robust player protection and data security will be demanded.

The LOK, which includes the establishment of a new regulatory body called the Curaçao Gaming Authority, will not only prevent but also mitigate unwelcome and unlawful activities. Minister Silvania emphasised that this will enhance Curaçao’s reputation within the gambling industry, ensuring it is no longer considered the “red-headed step-child.” He also pledged to cooperate closely with regulatory authorities worldwide, working together to create a level playing field for operators and suppliers while safeguarding player interests and preserving industry integrity as a whole.

Silvania acknowledged that the majority of Curaçao-licensed operators uphold integrity and best practices. However, the country cannot overlook the fact that some operators have tarnished its reputation, necessitating immediate action.

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Article “Curaçao to enforce International Standards” posted on 22 June 2023 | Written by Frank Schuengel