Last updated: December 19, 2024
Curaçao’s parliament has approved the National Ordinance on Games of Chance (LOK), modernizing the island’s gambling laws with stricter regulations and oversight.
The Curaçao parliament has approved the National Ordinance on Games of Chance (LOK), by a vote of 13 to 6, coming as a major milestone for the island in trying to reform its gaming sector.
Public Relations and Marketing Consultant for the Curaçao Gaming Control Board, Aideen Shortt said in the announcement and characterized the development as “a great day for our industry”.
The LOK brings comprehensive reforms that aim to bring the island’s gambling framework up to date, as it has been labeled archaic and too lenient.
The bill insists on robust anti-money laundering procedures, responsible gaming practices and greater compliance requirements.
Under the old system, master license was granted for all forms of gaming, but this was administered with minimal regulation and enforcement, which led to reputational challenges and foreign pressure to act. Key changes instituted under the LOK encompass the creation of the Curaçao Gaming Authority (CGA), which is set to succeed the GCB as the singular independent entity responsible for licensing and supervision.
The CGA will supervise both B2C operators and B2B suppliers, implementing more stringent compliance measures, which encompass player protection, anti-money laundering (AML) protocols, and standards for responsible gambling.
There are proper grandfathering processes that gradually usher existing licensees toward the new framework, allowing business operations to continue uninterrupted while licenses aligned with updated regulations come into being.
Prospective applicants will be required to set up a physical presence in Curaçao and be subjected to due diligence evaluations. It is expected that the changes will also make Curaçao well-known as a controlled gambling country, thus providing benefits for players, operators, and the jurisdiction itself.
