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Curaçao’s finance minister Javier Silvania has asked the Gaming Control Board of Curaçao (GCB) to investigate accusations of misconduct and irregularities at online casino Blaze.

Blaze has come under scrutiny in Brazil following allegations of money laundering, fraudulent practices targeting customers, and the diversion of funds to influencers involved in promoting the online casino.

At the core of the allegations lie the claims put forth by Brazilian investigator and YouTuber Daniel Penin.

In a video released three weeks ago, Penin unravelled a complex network of corporations that purportedly concealed the actual individuals behind the operations of the casino.

Penin’s video, titled ‘Take from the poor and give to influencers,’ claims that Blaze is owned by Profilic Trade N.V., a company managed by E-Moore B.V., a trust company licensed in Curaçao.

Swift action

Silvania, who is responsible for Curaçao’s online gaming sector, has requested that the GCB investigate these allegations.

Moreover, Silvania has urged the GCB to take immediate and decisive action within the scope of its existing authority and resources if a licence holder is found to be implicated

Furthermore, Silvania has urged the Central Bank of Curaçao and Sint Maarten (CBCS) to conduct its own investigation. Local trust service providers are licensed and overseen by the CBCS.

Curaçao’s current supervisory law does not directly regulate online gaming companies operating under a contract, known as a ‘sub-licence,’ with a licence holder in Curaçao.

This makes it challenging for Curaçao to effectively regulate the online gaming sector.

In response to these challenges, Curaçao has initiated reforms to overhaul its regulatory regime.

New law in final stages

The new law, called the Law on Games of Chance (LOK), is scheduled to be introduced later this year.

The LOK will establish the Curaçao Gaming Authority (CGA) as the new regulator, equipped with internationally accepted standards to oversee online gaming in Curaçao.

Silvania’s ministry stated that although the allegations have not yet been fully investigated or confirmed by local authorities, they acknowledge the “negative portrayal of Curaçao in the international community.”

“Implementing the LOK and establishing the CGA is seen as a way to prevent and mitigate illicit activities associated with Curaçao structures,” the ministry added.

The draft LOK was presented to the Council of Advice in early June, marking the final step before it is presented to Parliament.

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