WILLEMSTAD — Curaçao has received a damning assessment from the Caribbean Financial Action Task Force (CFATF) in its latest annual evaluation. The country was rated "low" across key areas of oversight and enforcement in combating financial crimes such as money laundering, the financing of terrorism, and proliferation of weapons.
According to the report, Curaçao scored poorly in the following categories:
Supervision and regulatory oversight
Prevention of abuse through legal persons or entities
Counter-terrorism and anti-proliferation financing
In other key areas such as:
Preventive measures in the private sector
Use of financial intelligence
Investigation, prosecution, and sanctions
Confiscation of criminal assets
Curaçao received only a "moderate" rating, further highlighting serious structural weaknesses in the island's financial enforcement regime.
A Reputation at Risk
The evaluation reinforces Curaçao’s long-standing reputation as a money laundering haven for international criminal organizations. These networks are believed to launder billions of illicit profits annually, stemming from drug trafficking, human smuggling, and arms trade, often using online casinos operating under Curaçao-issued gaming licenses.
The proliferation of such platforms—many of which have weak oversight or opaque ownership structures—has made the island a critical node in global financial crime, according to analysts.
Unclear Impact of New Gambling Law
On December 24, 2024, the National Ordinance on Games of Chance (LOK) came into effect. The law was designed to modernize and tighten regulations in the gambling sector, replacing the former master-license system with direct oversight by the new Curaçao Gaming Authority.
However, the CFATF evaluation suggests that it is still too early to tell whether the new law has successfully curbed the island’s appeal to what some have called the "gambling mafia."
Government Pushback
On Monday Finance Minister Javier Silvania responded to a separate media report alleging even lower scores than those officially released. He rejected the portrayal as inaccurate and harmful to Curaçao’s international reputation, citing official CFATF documentation showing a slightly more balanced rating distribution.
Regardless, the overall picture remains deeply concerning. Analysts warn that unless serious improvements are made to enforcement, transparency, and cross-border cooperation, Curaçao risks international blacklisting, which could harm its financial sector and broader economy.
Next Steps
CFATF has urged Curaçao to strengthen supervision, improve coordination among regulatory agencies, and increase transparency around beneficial ownership and financial disclosures.
Failure to act could result in increased scrutiny from international watchdogs, potential sanctions, and reduced access to global financial systems.
The pressure is now on the Curaçaoan government to prove that its recent reforms are more than symbolic — and that it is serious about cleaning up its financial and regulatory environment.
