Curaçao Overhauls Gambling Laws with Stricter Oversight and New Authority
Curaçao has been under growing pressure to reform its gambling laws and exact tighter rule adherence from operators of gambling products licensed in the jurisdiction.
Curaçao commits to strengthening its gambling licensing regime
This may now finally happen as Curaçao'sparliament has approved the so-called National Ordinance on Games of Chance or LOK, with strong backing and 13 lawmakers voting in favor of the proposal against 6 who opposed it, various industry standards reported.
The vote crowns the long-lasting efforts to reform the island's regulatory framework, which will tighten anti-money laundering, know your customer, and overall player protection rules designed to strengthen consumer protection and fight crime.
A common gripe against the regulator regime in Curaçao has been the island's perceived laxity in enforcing stricter rules or holding licensee recipients responsible for failure to comply. This will no longer be the case as the reform is designed to improve the island's reputation, focusing on benefits that should strengthen industry and consumer protection.
Curaçao Gaming Control Board PR and Marketing Consultant Aideen Shortt has called the passage of the law a "great day" for the industry, and argued that the sweeping changes coming with the LOK would ensure that Curaçao is answerable to a global industry standard that will quell criticism and establish the jurisdiction as a reputable issuer of gambling licenses.
The core complaint against Curaçao has been that it has become too complacent with gambling operators, leading to several recent scandals that implicated government officials and put into question the value of the island's licensing system.
Business continuity, a new watchdog, and reputation-mending
The current regulator, the Curaçao Gaming Control Board, is being replaced by a new enhanced entity, the Curaçao Gaming Authority, which will now be the sole watchdog when it comes to all matters of gambling.
The current licensing scheme will continue to be effective as it undergoes a transitional process, with the island keen to retain as many license holders as possible. However, they would also need to comply with stricter sets of rules moving forward, as Curaçao is determined to meet international standards.
The Curaçao Gaming Authority has thanked Minister Javier Silvania for his unflagging efforts to ensure that the jurisdiction transitions towards an improved regulatory regime.
Image credit: Unsplash.com
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