Curaçao Minister of Finance's reaction to licence holder allegations
Considering recent publications regarding accusations from the Brazilian authorities of alleged money laundering, scamming of customers, and funnelling funds to influencers promoting the online casino of a Curaçao based company, Minister Silvania, responsible for the online gaming sector of Curaçao, has reacted swiftly.
Words by Aideen Shortt
Curaçao authorities launch investigation
Brazilian media has claimed that the online gaming company, Blaze, has been accused by Brazilian authorities of money laundering, scamming its customers, and funnelling funds to influencers promoting the online casino. Blaze is allegedly owned by Curaçao-based Prolific Trade N.V., which company is managed by E-Moore B.V., a licensed trust company in the same country.
Minister Silvania has requested the Gaming Control Board of Curaçao (GCB) to investigate the accusations and determine whether any Curaçao licence holder is involved in this matter. If established that a licence holder from the country is involved in any capacity, he urged GCB to take appropriate measures within its current control and means towards the respective licence holder as soon as possible.
In addition, Minister Silvania has urged the Central Bank of Curaçao and Sint Maarten (CBCS) to conduct its own investigation as local trust service providers are licensed and supervised by the CBCS.
Based on the current supervisory law, online gaming companies operating based on a contract (so called ‘sublicense’) with a licence holder in Curaçao are not subject to the direct supervision by the GCB, making it very difficult for Curaçao to regulate the online gaming sector. This is the main reason Minister Silvania, since taking office, made it his priority to reform the country’s online gaming sector, including the introduction of a new law regulating games of chance. The new law (LOK) which is scheduled to be introduced later this year will provide the new regulator, the Curaçao Gaming Authority (CGA), with the necessary tools to supervise online gaming in Curaçao based on internationally accepted standards.
Even though the accusations have not yet been fully investigated and confirmed by local authorities, it is undeniable that Curaçao is again negatively portrayed in the international community. Having the LOK and a CGA in place should prevent and help mitigate unwanted and unlawful activities through Curaçao structures.
Minister Silvania is pleased to say that the draft LOK has been presented to the Council of Advice in the first week of June – being the last step before presenting the law to Parliament.
Catch this interview from November 2022 when Hon. Javier Silvania visited Malta and graced SiGMA Group’s Malta Week with his presence.
https://youtu.be/IetWH-uvLsY
