“Fundashon pa Konsumido” praised (see Wednesday newspaper) the recent adoption of legislation granting all residents the right to a basic bank account in Curaçao. Former St. Maarten Member of Parliament Rolando Brison in particular had championed this issue here and submitted a similar initiative bill several years ago.
However, as far as known it was never introduced. Improvements in accessibility of commercial banking services have nevertheless since been made in consultation with the Central Bank of Curaçao and St. Maarten (CBCS).
Part of the problem is the “de-risking” policies of US and European correspondent banks due to international commitments including sanctions in the fight against money-laundering and the financing of terrorism. This has left, for example, the lottery and gaming sectors with limited banking options.
Mind you, the new law passed in Curaçao but yet to be implemented does not entirely solve the latter. When presenting it government promised to come with a subsequent solution for that part.
Online casinos based on the island are increasingly reverting to virtual currency. But, as argued in Tuesday’s edition, even fully licensed and fiscally compliant local lottery offices apparently continue to face difficulties.
That should not be the case where it regards legitimate, regulated businesses operating according to the rules set by government. They also employ persons and have a responsibility as such.
Basically forcing them into a cash-only situation is a crime risk for all those concerned and there are possible social consequences for workers regarding the ability to get credit, etcetera. Just because the gambling industry has a certain reputation does not mean it can be excluded from the country’s financial system.
The entities involved are either legal or not. One can’t have the cake and eat it too.
