New playing laws in Curaçao will carry varied advantages to gamers, and probably the most essential, as Minister of Finance Javier Silvania claims, is making a “safety net” that may forestall grey-listing in the nation.
The National Ordinance for Games of Chance (LOK) shall be in cost of that, and it’ll fully change the playing scene in Curaçao. The Gaming Control Board (GCB) has already opened the license utility portal, which has been energetic since September 1st. On high of that, the physique received a brand new advisor, Hilary Stewart-Jones.
The Board will settle for functions from November seventeenth, and those who get the interim Curaçao license after which they’ll have six months to submit all required paperwork. According to Silvania, the danger of grey-listing is large if anti-money laundering methods are weak.
After Gibraltar turned part of the Financial Act Task Force’s gray record, Silvania received apprehensive. He stated: “In particular, the FATF criticized the government’s failure in applying sufficient fines for anti-money laundering failings. AML is a key criteria of financial evaluations, one of which Curaçao will be subject to next year. And let me be very clear about it: the likelihood of us being placed on the grey list because our lack of AML legislation within the gambling sphere is real, and it is worrying.”
If Curaçao follows Gibraltar’s footsteps, many issues await. Among essentially the most regarding ones are restrictions, and even the prohibition of commerce from some corporations and governments, which might vastly impression the nation’s economic system.
However, the playing and gaming industries will stay in the identical form after the laws is authorized.
Silvania addressed it: “To those who have apprehensions about this legislation – I hear you. Changes are always met with skepticism, especially when they impact long-established practices. However, for all the operators out there, our intent is not to disrupt but to elevate.”
Priorities and advantages
The new system will certainly change the nation’s economic system, nevertheless it’s not solely relating to income. In 2022, Curaçao earned €250.000. Compared to Malta, which earned €82 million, the income might get larger, however not solely numbers are talking – Silvania thinks that the 2 nations have totally different approaches and priorities relating to the playing trade.
However, the employees presently employed in the hospitality trade will profit from the brand new laws since it should create extra jobs.
Silvania completed: “The intent of our efforts to revitalize the legislative landscape is to develop Curaçao as a center of excellence in the gambling industry. This pushes the envelope for employment opportunities, and in fact there are many individuals and businesses out there who have no idea of the opportunities that are coming their way.”
Source: O’Hagan Marese, “LOK provides ‘safety net’ from grey-listing, says Curaçao Minister”, iGB, September 27, 2023