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The Curaçao Gaming Control Board (GCB) has said the recently passed and much anticipated National Ordinance on Games of Chance (LOK) marks the “ushering in” of a “new era of regulation”.
The GCB is now preparing for its transition to a new entity called the Curaçao Gaming Authority (CGA) and “further improvement of its supervisory framework”, according to its update published on December 17.
It said: “This new legislative framework provides the foundation for a regulatory environment that is both modern and robust. The implementation of the LOK will bring enhanced transparency, stronger licensing enforcement, and a rigorous focus on compliance with applicable standards for Anti-Money Laundering (AML) along with responsible gaming.”
The GCB recently told Vixio that once LOK passes, a range of policies that it has already been working on will be able to be published, including policies covering anti-money laundering (AML) and alternative dispute resolution (ADR).
During a recent budget discussion, finance minister Javier Silvania told lawmakers that the gambling regulator had received thousands of applications for licences already.
He estimated that the gambling industry will generate NAG40m ($22.1m) annually in licensing fees for the government.
The GCB praised Silvania for his “unrelenting determination to reform Curaçao's gambling landscape and his persistence, at times in the face of adversity, to make change for the good of the people of Curacao and the gambling industry at large”.
Additionally, the regulator said it looks forward to collaborating with all stakeholders, both local and international, to help build a more sustainable industry.
