WILLEMSTAD – The question of whether Curaçao has fully benefited from the revenues generated by the online gaming sector has become a central focus of financial forensic investigator Luigi Faneyte’s latest research.
Faneyte is examining international money flows connected to the gaming industry after identifying possible concerns regarding payments made through foreign financial channels and cryptocurrency systems.
The investigation comes amid renewed debate about the potential economic benefits of online gaming and previous promises that revenues from the sector could contribute to improving government finances and social programs.
Former Minister of Finance Javier Silvania previously presented the reform of Curaçao’s gaming legislation as an opportunity for the country to generate significant new income. The new gaming framework introduced government licensing through the Curaçao Gaming Authority (CGA).
Faneyte argues that if gaming revenues were presented as a way to strengthen government finances and potentially increase the AOV pension, it is essential that all related income is fully accounted for and benefits the people of Curaçao.
“The population has the right to know how much the gaming sector has actually generated and how much of that money has reached Curaçao,” Faneyte stated.
His investigation will focus on tracing transactions and determining whether funds that may belong to Curaçao but remained outside the country can be identified and potentially recovered.
The research will examine financial records, digital transactions, payment routes and available administrative information.
Faneyte said the objective is not only to investigate the past but also to improve future protection of public revenues.
“The forensic investigation and the legislative changes are two sides of the same issue,” he said. “One must clarify what happened with the revenues, while the other must ensure that public funds are protected going forward.”
He said Curaçao must establish stronger guarantees that government income cannot disappear into unclear financial structures or become difficult to trace.
Faneyte expects to release an initial update on both his investigation and the proposed amendments to the LTVAD within approximately three weeks.