WILLEMSTAD - Minister of Finance Javier Silvania has emphasized the urgent need for the implementation of the Landsverordening op de Kansspelen (LOK), the country's newly proposed gambling law. Stressing the significance of timely action, Silvania warned that failure to enact the law before the evaluation by the Caribbean Financial Action Task Force (CFATF) could result in Curaçao being blacklisted.
Responding to concerns raised by the Curaçao Bar Association in an objection letter sent earlier this year regarding the LOK, Minister Silvania acknowledged the criticisms leveled against the draft version of the gambling law. In response, he made adjustments, including converting the required accreditation for lawyers into a non-mandatory certificate. Furthermore, the structure of the LOK has been revised to ensure that the Curaçao Gaming Authority operates as a financially independent entity. Previously, both the Social Economic Council and the Council of Advice in Curaçao had expressed reservations about certain aspects of the law.
In a recent statement, Silvania reiterated the necessity for a swift implementation of the LOK. He emphasized that this action should precede the CFATF evaluation. Alongside the gambling legislation, several other laws must also be enforced to meet the evaluation criteria.
Curaçao has historically earned positive distinctions in previous evaluations, largely due to notable advancements in anti-money laundering and counter-terrorism financing systems. Silvania underscored that a failure to implement the new laws promptly could lead to negative repercussions, potentially resulting in blacklisting. Such an outcome, he cautioned, would severely impact the country's international trade, investments, and financial relationships.
Despite Silvania's urgency, the country's Central Committee appears to be proceeding with caution. Initially scheduled for discussion in the weekly meeting of the Central Committee of the States, Silvania's proposed amendments to the LOK were deferred. With no Members of Parliament signing up to speak or question Silvania, the States decided to postpone the discussion on the LOK draft until May 8.
As the deadline looms and the debate over the gambling law continues, Curaçao faces a critical juncture in ensuring compliance with international standards while navigating domestic legislative processes. The outcome of these deliberations will have far-reaching implications for the nation's financial integrity and global standing.