Curaçao Nears Full Gambling Law Overhaul
Curaçao’s gambling sector overhaul is finally moving forward as the National Ordinance for Games of Chance (LOK) is in its final stages. Parliament will review the proposed changes next week which is a big step towards modernising the jurisdiction’s regulatory framework.
Parliament to Review New Gambling Legislation
Curaçao’s National Ordinance for Games of Chance, the backbone of the jurisdiction’s gambling reforms, will be reviewed by parliament on December 16, 2024. The proposed changes focus on supervision, transparency and accountability in the sector. These changes will modernise the regulations, fit for today’s digital gaming world and address global concerns about financial crimes and malpractice in gambling operations.
The proposed legislation introduces a new gambling regulator and stricter requirements for operators who want to get a licence in Curaçao, one of the biggest offshore gaming jurisdictions in the world. The LOK will also eliminate outdated practices and comply with international standards and strengthen the country’s reputation in the global iGaming market.
Challenges to the Reform
One of the main goals of the new gambling ordinance is to combat financial crimes like money laundering and fraud. By introducing more supervision the government wants to remove the bad companies from the sector and promote ethical business practices. The stricter licensing process will require applicants to meet higher standards of transparency and accountability which is key to a clean and regulated gambling industry.
Also a 400 page report by Dr. Luigi Faneyte has accused several Curaçao politicians involved in the reform process of corruption, embezzlement and professional misconduct. If these allegations are true it will undermine the public trust in the reforms and the government’s commitment to transparency.
