The Netherlands and Curaçao have announced a collaborative effort to ensure the successful implementation of Curaçao’s newly enacted National Ordinance on Gambling (LOK), set to take effect on December 24, 2024. The law aims to enhance oversight, combat money laundering, and address endemic corruption issues. However, recent scandals have raised concerns about Curaçao’s ability to enforce these new regulations effectively.
Collaboration to Support Curaçao’s New Regulator
A high-level meeting in Willemstad brought together Curaçao’s finance minister Javier Silvania, Dutch minister of justice and security David van Weel, and state secretary for kingdom relations Zsolt Szabo. The discussions highlighted the importance of cooperation with the Netherlands to establish a fair, transparent, and well-regulated gambling sector.
Dutch gambling regulator Kansspelautoriteit (Ksa) will work closely with the newly established Curaçao Gaming Authority (CGA) to share expertise and best practices. This partnership aims to strengthen supervision and enforcement, ensuring operators comply with the new regulatory standards. Semi-annual evaluations will monitor progress and address emerging challenges.
The collaboration will also involve coordinated efforts between law enforcement agencies such as the Public Prosecution Service, the Financial Intelligence Unit (FIU Curaçao), and the Criminal Investigation Cooperation Team. These entities will work together to tackle money laundering, fraud, and other illicit activities that have plagued Curaçao’s gambling sector.
Ongoing Compliance Challenges in Curaçao
Minister Silvania expressed gratitude for the Netherlands’ support, acknowledging its valuable input in shaping the LOK’s legal and operational structure. This show of confidence comes at a crucial time for Curaçao, following recent allegations of corruption within its gaming industry. Brewing scandals have cast doubt on the ability of these reforms to restore trust in a jurisdiction often criticized as a haven for questionable operators.
The latest controversy involves opposition politician and financial forensic investigator Luigi Faneyte, who accused Silvania and other Gaming Control Board members of issuing provisional licenses without proper oversight. He also alleges that crypto casinos operated without regulation, facilitating large-scale money laundering and acting with impunity.
While the LOK represents a significant step towards a modernized, future-oriented gambling sector, recent scandals underscore the need for robust enforcement mechanisms and transparency in collaboration between Curaçao and the Netherlands. Success will depend on the CGA’s ability to deliver on promises of accountability while navigating the challenges of the region’s deeply entrenched compliance issues.
