WILLEMSTAD - Curaçao's Minister of Finance, Javier Silvania, has requested that the Council of Advice expeditiously review the new National Ordinance on Games of Chance.
The request is addressed to the Governor, in her capacity as Chair of the Council of Advice. He wants her to explore the options for a speedy evaluation of the National Ordinance on Games of Chance.
According to Silvania, one of his priorities is the modernization of the local gaming sector. The minister wants to create an improved legal framework for operating games of chance in or from Curaçao, to ensure a safe, responsible, transparent, and reliable offering of games of chance.
Supervision and licenses
Silvania has established a working group that has drafted the new legislation. This includes provisions for independent supervision of games of chance, as well as enforcement and the issuance of licenses.
According to the minister, the new legislation ensures that providers of online games of chance from Curaçao operate in accordance with the laws and regulations of the countries they target. The new legislation also provides for measures to effectively collect licensing fees owed.
Forecast
In addition to improving Curaçao's image in the global gambling sector, combating money laundering and terrorism financing, and improving supervision to prevent irregularities in this sector, the new legislation also has a positive impact on Curaçao's budget, according to Silvania.
The preliminary revenue forecast from just online gambling is estimated at a minimum of forty million guilders per year. This year, half of this expected revenue is included in the national budget. To generate this income for the country, the legislation must come into effect as soon as possible, Silvania said.
On March 22, the Social Economic Council issued advice on the new national ordinance. This advice is currently being processed by the working group. The amended legislation is expected to be submitted to the Advisory Council for review in May. After that, it can be presented to Parliament and, if approved, come into effect.