WILLEMSTAD – The supervision of online casinos and virtual asset service providers in Curaçao had not yet been fully implemented at the time of the country’s most recent international financial crime assessment. The Caribbean Financial Action Task Force (CFATF) concluded that important parts of the regulatory framework were still under development.
The findings have gained renewed attention amid the current debate over a multimillion-guilder payment to Maltese gaming consultant Mario Galea and his company Random Consulting Limited, as questions have emerged about the role of external parties in supporting Curaçao’s gaming regulator.
The CFATF findings were highlighted again following a recent announcement by the Central Bank of Curaçao and Sint Maarten (CBCS). In its latest supervisory newsletter, the CBCS stated that cooperation between the Curaçao Gaming Authority (CGA) and the Financial Intelligence Unit Curaçao (FIU) has intensified.
According to the Central Bank, the organizations have exchanged information at both strategic and operational levels in recent months. They have also agreed on joint training sessions and awareness programs.
The CBCS did not disclose what specific information was exchanged, whether individual gaming companies or license holders were discussed, or whether specific transactions were reviewed.
Online gaming identified as high-risk sector
The CFATF identified online gaming as one of the sectors with the highest money laundering risks in Curaçao. Other vulnerable sectors include financial institutions, real estate, economic zones, securities intermediaries, asset managers and trust offices.
According to the assessment, illegal gambling, tax evasion and fraud are among the important domestic sources of criminal proceeds.
Despite the high-risk profile of the sector, CFATF found that the supervisory framework was not yet fully operational. At the time of the evaluation, the former Gaming Control Board, which has since continued as the Curaçao Gaming Authority, was still developing its supervisory approach for online gaming operators.
The same applied to supervision of virtual asset service providers, including companies involved in cryptocurrency-related services.
The CFATF also noted that only limited on-site inspections had been conducted and that regulators made limited use of enforcement powers. During the period examined, no administrative fines had been issued.
The assessment was based on an on-site evaluation conducted from June 17 to June 28, 2024. The findings therefore do not prove that the same situation exists in 2026. The CBCS has stated that progress has been made since then, although its recent newsletter did not provide figures on inspections, investigations or sanctions.
Capacity problems across enforcement institutions
The CFATF assessment also identified broader capacity challenges within Curaçao’s anti-money laundering system.
The Financial Intelligence Unit, police and Public Prosecutor’s Office were found to face staffing shortages. According to the report, the number of money laundering investigations remained low compared with the number of suspicious transaction reports submitted by the FIU.
The assessment also found that the risks related to online gaming, cryptocurrency services and misuse of legal entities had not yet been sufficiently analyzed separately.
Information about the ultimate beneficial owners of companies was not always complete, updated or easily available.
The recovery of criminal assets located abroad and the management of seized property were also identified as areas requiring improvement. The report noted that some confiscated assets were sold below market value and that freezing assets based on international sanctions lists was not always carried out in a timely manner.