The Dutch Caribbean island nation Curaçao’s gambling sector will be subject to tighter scrutiny and regulations beginning September 1. This new National Gambling Ordinance (LOK) will bring it in line with internationally-recognized standards, according to CDC Gaming Reports.
The new rules were announced by Minister of Finance Javier Silvania, during the iGaming NEXT Valletta 23 conference on June 23. Before they go into effect they must be approved by the Advisory Council and then parliament.
Gaming operators can expect to see a heavier hand enforcing anti-money laundering measures, fraud prevention and consumer protections.
During the conference Silvania declared, “We demand transparency regarding the source of funds entering our country.” He added, “We insist that operators comply with legislation that aligns with reputable jurisdictions and meets the minimum requirements of international laws and guidelines concerning money laundering,” according to CDC.
Among the reforms will be the establishment of an overseeing agency in the Curaçao Gaming Authority, which will be charged with preventing and curtailing illegal activities linked to gambling. The small country of about 150,000 population hopes to gain a little respectability among larger countries that host gaming. Silvania said that some operators have given the country a bad reputation.
