WILLEMSTAD – The Curaçao Gaming Authority (CGA) has defended its use of a Czech payment account, saying the arrangement is both necessary and fully transparent, following criticism from Finance Minister Charles Cooper over the authority's banking practices.
The controversy arose after Cooper announced he was considering filing a criminal complaint regarding a foreign account used to receive payments from the online gaming industry. However, the CGA told the Antilliaans Dagblad that the account is essential for collecting licensing fees from online gambling operators.
According to the regulator, local banks are unwilling to provide banking services to online gaming companies because of the sector's high-risk profile and concerns about maintaining relationships with U.S. correspondent banks. As a result, the CGA uses a licensed payment institution based in the Czech Republic to process license fee payments.
The authority stressed that the account was never secret. It said senior officials within the Ministry of Finance were aware of its existence and operation.
Under Curaçao law, the license fees collected are automatically divided between the national treasury and the CGA, which uses its share to finance its regulatory and supervisory responsibilities.
The CGA also addressed concerns about cryptocurrency transactions, explaining that payments in the digital currency USDT are accepted but are immediately converted into euros. The authority said it does not hold cryptocurrency and that all transactions comply with European anti-money laundering regulations.
In addition, the CGA stated that its Supervisory Board has been fully informed about the payment structure and the procedures used to collect licensing fees.
The authority's response comes amid an ongoing public debate over the management and oversight of Curaçao's online gaming sector, with questions continuing to be raised about financial arrangements introduced under the island's gaming regulatory framework.