LOK is committed to preventing greylisting on Curaçao

The new gambling legislation in Curaçao will bring several benefits to players, and one of the most important, as Finance Minister Javier Silvania explained, is the creation of a “safety net” that prevents inclusion in the country’s gray lists.

Open applications

The National Gambling Regulation (LOK) will be responsible for this and will completely change the game scene Curaçao. The gaming control board (GCB) has already opened the license application portal, which has been active since September 1st. In addition, the organization got a new advisor, Hilary Stewart Jones.

plank will accept Requests from November 17th and those who receive the provisional license of CuraçaoThey then have six months to submit all required documents. According to Silvania, the risk of being included in the gray list It is huge when anti-money laundering systems are weak.

According to what Gibraltar became part of the Financial Law Task Force Gray ListSilvania was worried. Said: “In particular, the FATF criticized the government’s failure to impose sufficient fines for anti-money laundering lapses. AML is a key criterion of financial assessments, one of which Curaçao will be subject to next year. And let me be clear: the likelihood of us being graylisted due to a lack of anti-money laundering legislation in the gambling sector is real and worrying.”

Yes Curaçao Follow in the footsteps of Gibraltar, many problems await you. Among the most worrying are The limitationsor even that Ban Restricting trade by some companies and governments would have a big impact in the country’s economy.

However, Gambling and betting industry will continue in the same form after approval the legislation.

Silvania addressed this: “To those who have concerns about this legislation – I hear you. Change is always met with skepticism, especially when it impacts long-standing practices. However, for all operators, our intention is not to disrupt but to improve.”

Priorities and benefits

The new system will definitely change the country’s economy, but not only in terms of income. In 2022, Curacao won €250,000. In comparison with maltthat won 82 million eurosRevenue could rise, but it’s not just the numbers that speak – Silvania believes the two countries have different approaches and priorities when it comes to the gaming industry.

However, workers currently employed in the hospitality sector will benefit from the new legislation when it is created More jobs.

Silvania finished: “The goal of our efforts to revitalize the legislative landscape is to develop Curaçao into a center of excellence in the gaming industry. This is pushing the boundaries of employment opportunities and in fact there are many people and companies who have no idea of ​​the opportunities available to them.”

Source: O’Hagan Marese, “LOK offers a ‘safety net’ from the gray list, says Curaçao minister”, iGBSeptember 27, 2023

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