In its overhaul of gaming licenses, Curaçao’s Gaming Control Board (GCB) has strongly refuted claims of fraud, corruption, and money laundering. Local lawmaker Luigi Faneyte of the opposition Real Alternative Party made the allegations, which charge the GCB with financial mismanagement and granting permits without the required legal authorization.
On November 25, Faneyte submitted a report to the attorney general’s office, claiming that these actions had resulted in large financial damages.
Addressing Licensing Allegations
Faneyte said that licenses were being granted illegally, primarily targeting Javier Silvania, Curaçao’s finance minister. But the GCB made it clear that it is alone in charge of overseeing the licensing procedure, a duty it has had since the Minister of Finance gave it this power in 2020.
In addition to attaching terms and conditions to licenses, the GCB has the power to issue, modify, temporarily suspend, revoke, or refuse licenses. Therefore, it is untrue to say that the GCB lacks the legal jurisdiction to issue licenses,” the board said.
The Curaçao GCB stressed that its license procedure consists of several stringent steps, including as document verification, decision-maker due diligence, and a review of websites and business strategies. All communications take place via the GCB’s web platform, guaranteeing openness and allowing candidates to monitor their development in real time.
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Financial Integrity and Fee Payment
In response to allegations of financial mismanagement, the GCB stated that license payments are sent straight into an official government bank account. “There is no room for mismanagement. “The assertion that funds may have been embezzled is thus incorrect,” the GCB stated. A license is provided only when payment has been confirmed.
Enhancing Player Protection
The GCB also addressed recent issues raised by the bankruptcy verdict for Curaçao-licensed operator BC.Game. The Foundation for the Representation of Victims of Online Gaming (SBGOK) filed a complaint against the operator for neglecting to pay out player wins. The GCB explained that players’ concerns are now handled by operators under their terms and conditions.
Looking ahead, the National Ordinance for Games of Chance (LOK) will necessitate the implementation of Alternative Dispute Resolution (ADR) methods. These steps aim to ensure impartial examinations of player complaints while also strengthening the broader regulatory structure.
Foreign Compliance and Enforcement
Curaçao-licensed operators operating worldwide are nonetheless accountable for following the rules of the nations in which they operate. The GCB acknowledged its limited authority in such instances, but it depends on official rulings from competent foreign authorities to guide its enforcement efforts.
Moving Forward.
The GCB is working with worldwide experts to successfully execute its new licensing structure, which includes converting existing licensees to temporary licenses under LOK by 2024. This tiered strategy is intended to assure compliance with higher regulatory criteria.
As the GCB modernizes its supervision powers, including the exploration of emerging technology, it remains committed to openness and accountability in Curaçao’s gaming business.
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