WILLEMSTAD – Financial expert and whistleblower Luigi Faneyte has issued a scathing critique of the Curaçao Parliament following the approval of the Landsverordening op de Kansspelen (LOK). Faneyte, who has repeatedly warned of the risks posed by the new legislation, claims that the LOK, in its current form, is effectively a "money laundering law" that could cause significant issues for both Curaçao and the Kingdom of the Netherlands.
“This is a dark chapter in our nation’s history,” Faneyte declared. “No one opposes reform, but this step has handed control of our market to a group of so-called 'Maltese investors,' whose identities and promises from Minister Silvania remain unknown.” Faneyte added that vague assurances have been given about jobs and revenue for Curaçao, but there is still no detailed plan on how this will benefit the local population. He also questioned whether the potentially high costs of the new system might create a financial burden instead of profits for the country.
"This Had to Be Pushed Through Today"
Faneyte said he urged Parliament to at least allow other countries and central banks within the Kingdom to weigh in on Curaçao’s abrupt adoption of cryptocurrencies. “But it was in vain. They were determined to push this through today,” he remarked.
Gaming Control Board "Not in Control"
The LOK transitions the Gaming Control Board (GCB) into the Curaçao Gaming Authority (CGA), a process Faneyte described as expensive and chaotic. With no detailed regulations or adequate staffing in place, the GCB is already struggling to oversee and regulate a rapidly growing number of licenses.
“The GCB is unable to perform its duties effectively,” Faneyte explained. “This is evident from numerous lawsuits, bankruptcies, and complaints from players and operators who now come directly to me.”
Faneyte reported an explosive rise in complaints, with players alleging illegal practices and significant financial losses, while operators complain about unclear guidelines and a lack of responsiveness from the GCB. “How can an agency already failing without rules, procedures, or personnel suddenly manage hundreds of licenses and complex financial flows?”
"The LOK is a Money Laundering Law"
Faneyte argued that the LOK resembles a money laundering law rather than a regulatory tool. “Despite lacking a legal foundation, the GCB is already accepting cryptocurrency payments on behalf of the government. Both the Central Bank of Curaçao and Sint Maarten and the Dutch Central Bank have explicitly warned that governments should not accept cryptocurrencies without a solid legal basis. The GCB has no control over cryptoassets, and oversight is nonexistent.”
Faneyte fears this lack of regulation will make Curaçao a haven for organized crime. “Accepting crypto without rules creates a magnet effect and could be disastrous for the country.”
Damage to the Kingdom’s Reputation
The financial and legal risks of the LOK extend beyond Curaçao, according to Faneyte. “The Kingdom of the Netherlands’ reputation as a reliable player in the international financial system is now at stake,” he said. He warned that Curaçao risks being blacklisted by the Financial Action Task Force (FATF), which could lead to severe economic consequences.
“Countries on the FATF blacklist are seen as having inadequate legislation and poor cooperation. If Curaçao ends up on that list, international financial institutions will avoid the country altogether,” Faneyte added.
Faneyte Vows to Continue the Fight
“This is a day our country will deeply regret. But I will continue the fight,” Faneyte vowed. “I will dedicate myself to supporting players, operators, and others harmed by this so-called 'money laundering law.'”
A Final Warning
Faneyte concluded with a stark warning: “The chaos has begun, but the worst is yet to come. Curaçao has handed itself a money laundering law with the LOK. The consequences will be financial, social, and political. This is an assault on the integrity of our nation, and the price we will pay will be steep.”