Today is the last day of the 2023 SIGMA Summit conference and expo in the picturesque island nation of Curaçao. So far, many known figures in the gambling industry gave keynote speeches to talk about the future of gambling. One of the gambling event on the agenda was the Curaçao Finance Minister, Javier Silvania. In his speech, he Emphasizes the Benefits of the New Gambling Legislation in Curaçao to locals and gambling industry stakeholders.
According to bookie blogs, he spoke about the important of the LOK (National Ordinance for Games of Chance) in Curaçao. The LOK, is a gambling legislation which is their answer to protect Curaçao from the threat of grey-listing. Thus, LOK would be a kind of “safety net” against it and help protect gambling operators in the country.
In addition, he talks about the case of Gibraltar who got put on the FAFTF grey list in June. Unfortunately, they became on that list partly due to insufficient fines for AML (Anti-Money Laundering) failings. Hence, this is a strong concern amongst Curaçaoan authorities that it could happen to their gambling license holders. If this were to happen, it would in turn affect the revenue Curaçao makes from the gambling industry.
Thus, he uses that example as a stark reminder of the consequence of inadequate AML measures in the gambling sector.
Javier Silvania Emphasizes the Benefits of the New Gambling Legislation in Curaçao
Of course, the whole point of his speech was to enhance the economic prospects of Curaçao with LOK. Not just for current gambling operators but also those looking to start an online gambling business in a trustworthy environment.
Furthermore, he hopes LOK will fix the disparity between Curaçao’s licensing revenues and those of other countries. As an example, he talks about how Malta had €82 million licensing revenue in 2022 while Curaçao only had €250,000. Despite having several offshore sportsbooks casino on the island, this is a large difference in revenue.
The Main Objectives of the LOK are:
- preventing and combating criminal activities;
- the protection of participants;
- preventing and combating gambling addiction and the protection of vulnerable persons, including minors;
- safeguarding Curacao’s international reputation, especially as an i-gaming industry.
Therefore, the LOK will also make it possible to further regulate the various games of chance by national decree. In addition, the first game of chance to be further regulated under the LOK will be online gaming.
Ultimately, his goal is to turn Curaçao into a thriving gambling hub.