Minister of Finance Believes LOK Will Transform Curaçao’s Gaming Reputation

Curaçao’s Minister of Finance, Javier Silvania, has expressed optimism regarding the potential impact of the National Ordinance for Games of Chance (LOK) on the nation’s gaming sector. During the initial parliamentary reading of the LOK, Silvania highlighted its potential to enhance Curaçao’s reputation, particularly in terms of anti-money laundering (AML) efforts.

Silvania acknowledged the challenges faced by Curaçao due to its negative reputation in the online gaming industry, especially concerning money laundering. However, he believes that the introduction of the LOK will work to change this perception and bolster the nation’s standing within the gaming community.

The minister stressed the critical importance of addressing AML issues in Curaçao, noting that the new law would promote transparency, accountability, and compliance with international standards, ultimately leading to an improved reputation for the island nation.

Silvania also emphasized the urgency of implementing the LOK ahead of the Financial Action Task Force (FATF) and the Caribbean FATF’s (CFATF) evaluation of Curaçao later this year. He highlighted the forthcoming mutual evaluation by CFATF as a key reason for the immediate acceptance and implementation of the law.

Additionally, Silvania addressed misinformation and misreporting surrounding the LOK, noting the potential harm caused by such misinformation, especially in the eyes of evaluators. He urged for clarity and accuracy in reporting to secure Curaçao’s position in the evaluation process.

Furthermore, the minister clarified misconceptions about the recent issuance of licences, emphasizing that the licenses were granted under the existing regime, the National Ordinance on Offshore Games of Hazard (NOOGH), and not the LOK. Silvania underscored the importance of aligning Curaçao’s licence holders with the expected standards in the gambling industry, especially in relation to AML.

Silvania also addressed concerns regarding the development of the LOK, refuting claims that it was drafted privately without input from industry stakeholders. He highlighted the extensive local and international input that contributed to the legislation’s formation.

In terms of the economic impact, Silvania discussed the potential benefits of the LOK for Curaçao’s economy, emphasising the substantial growth in direct revenues that could be generated for the country. He pointed out the disparity in license revenue between Curaçao and other jurisdictions, and the potential for increased government income that can be directed towards vital sectors such as education, health, and infrastructure.

As Curaçao’s gaming industry undergoes significant changes, with the introduction of the LOK and the transition to a new regulatory authority, the nation is poised for a transformative period in its gaming landscape. The licensing process has already commenced, and key developments, such as the appointment of advisors and the acceptance of account registrations, signify the progression towards the implementation of the LOK.

In summary, the introduction of the LOK marks a pivotal moment for Curaçao’s gaming sector, with the potential to enhance the nation’s gaming reputation, address AML concerns, and drive economic growth.