The new law comes amid a raging controversy over an investigator accusing the Finance Minister and GCB officials of corruption and fraud.
Curacao has enacted a new law to reform its online casino regulation. It aims to introduce a transparent and robust regulatory environment. The law, the Landsverordening op de Kansspelen or the National Ordinance on Games of Chance (LOK), passed on December 17 will transition the Gaming Control Board (GCB) into the newly-established Curacao Gaming Authority (CGA). Finance Minister Javier Silvania introduced the bill, emphasizing that the new law would generate ANG40 million ($22.2 million) in licensing fees annually.
Political Controversy
The new law came amid financial forensic investigator and opposition politician Dr Luigi Faneyte filing a 400-page report with the country’s Attorney General’s Office, accusing, among others, Finance Minister Silvania of corruption of misconduct, corruption, fraud, embezzlement, and money laundering. LOK received 13 votes in favor and six against it and was described by news analysts as a hastily passed bill.
Earlier in July, GCB reopened its online licensing portal to receive licensing applications in B2B, B2B2C, and B2C categories.
What the New Laws Says?
Through the new legislation, Curacao aims to overhaul its gambling regulations. It aims to save stakeholders from grey market operators. It wants the country to be recognized for offering a corruption-free and effective gambling licensing mechanism. The new law seeks to put in place a regulatory mechanism that effectively regulates, with enhanced credibility, its online gambling industry. CGA, which replaces GCB, will take over as the regulator.
As a new law to regulate the online gaming industry in Curacao was set to replace the existing laws, many wondered why the GCB was so willing to accept new applications. However, at the end of the process, it became clear that 200-odds online casino operators have Curacao licenses.
The intriguing aspect of this hasty approval to some online casino operators by opening a window for them to make applications is at the base of Faneyte criminal’s charges against the accused.
