WILLEMSTAD – Following recent statements by Minister of Finance Charles Cooper regarding developments within Curaçao’s online gaming sector, financial forensic researcher Luigi Faneyte is calling on the Public Prosecutor’s Office (OM) to conduct a swift and comprehensive investigation into foreign financial and cryptocurrency flows connected to the industry.
According to Faneyte, additional delays are no longer justified. He argues that the recent revelations surrounding millions of guilders in payments to foreign parties make an independent criminal investigation increasingly urgent.
Faneyte, who is affiliated with the PAR political party, previously filed a report with the OM in November 2024 and submitted additional information in December 2024. In those reports, he requested a thorough investigation into, among other issues, the role of foreign advisers, financial flows related to provisional online gaming licenses and the use of a Czech payment service provider.
He has also offered to provide the OM with further explanations and documentation related to his findings.
According to Faneyte, the latest developments require authorities to investigate not only payments made to foreign intermediaries but also whether large-scale cryptocurrency transactions were received through or on behalf of the former Gaming Control Board, now the Curaçao Gaming Authority (CGA).
Crypto transactions involving Tron and Ethereum
Faneyte says previously released documents indicate that operators were instructed to make payments through cryptocurrency wallets and through Payment Execution s.r.o., a Czech payment service provider. The documents included wallet addresses linked to Tron and Ethereum.
“The receiving and converting of large amounts of cryptocurrency is, in itself, a highly profitable commercial service,” Faneyte stated. “Such services may involve transaction fees, exchange rate margins, commissions and other charges. It must therefore be determined who provided these services, who benefited financially and on what authority these activities were carried out.”
According to Faneyte, the same questions apply to the selection of Payment Execution. He argues that the company was not simply a bank account provider but a commercial service provider.
“When substantial services are purchased on behalf of the country or a government institution, the applicable rules for procurement and contracting must be followed,” he said.
“If significant services were awarded without the required procurement procedures, proper authorization or adequate accountability, this is not merely an administrative matter. It could represent a serious violation of financial management rules and must be fully investigated.”
Who benefited?
Faneyte says the investigation should establish who designed and implemented the foreign payment and cryptocurrency structure, which parties received, managed, converted or transferred cryptocurrency, and what commissions, transaction fees and other payments were involved.
He also believes authorities must determine who selected and contracted Payment Execution and whether all required decision-making and procurement procedures were followed.
“The reports have been submitted for some time. The new information only increases the urgency for a thorough investigation,” Faneyte said.
“I have already offered my cooperation and am prepared to immediately provide the Public Prosecutor’s Office with all available explanations and documentation. Curaçao deserves clarity.”
Proposal to strengthen crypto supervision
Faneyte also announced that he is continuing his financial forensic research into cryptocurrency and financial flows within the online gaming sector.
The research focuses on identifying which wallets and intermediaries were used, what amounts were received, converted and transferred, and what fees were paid.
He expects to publish additional findings in the near future.
In addition, Faneyte is working on behalf of PAR on an initiative to amend the National Ordinance on the Supervision of Virtual Asset Service Providers. The proposed changes aim to strengthen oversight of the receiving, managing and conversion of cryptocurrency, particularly in situations involving public funds, government institutions or foreign payment service providers.
According to Faneyte, stronger oversight is necessary to ensure transparency, accountability and proper financial governance within Curaçao’s evolving digital financial sector.