Aruba: New Casino Permits Required to Combat Money Laundering and the Financing of Terrorism

Casinos in Aruba must apply for new permits and conform with the new regulations as of September 1, 2008 or risk losing their permits to operate.  The purpose of the new regulations is to promote policies to combat money laundering and the financing of terrorism.  Financing terrorism? Is there something we need to know?

It is too bad that Justice Minister Rudy Croes could not simply enforce the age limits of those allowed in Aruban casinos. If he had and Aruban casinos followed their own laws, Natalee Holloway would still be alive today as she and the Mountain Brook teens would never have Joran Van der Sloot.

ORANJESTAD – All casinos are at risk of losing their permits if they do not conform to the new policy regulations within one month. This is one of the new measures taken by the Ministry of Justice. The gambling lots are obliged to apply for a permit as the old agreements will be void as of the 1st of September.

Had the Excelsior prohibited an under age Joran Van der Sloot from the casino, Natalee Holloway would still be alive as he would have never met the Mountain Brook teens and never would have gone to Carlos n’ Charlies. Joran had stated that no one went there on a Sunday as it was a slow night.

The Minister of Justice, Rudy Croes, announced that the new regulations are based on recommendations of the inter-governmental organization Financial Action Task Force (FATF). This international organization is responsible for the development and promotion of the policy to combat money laundering and the financing of terrorism. The regulations are ahead of a new law, which is currently being laid down, and were created through the collaboration between government experts and the Casino world (DAC).

As of now the casinos have to give insight into the administration and their internal control. The Minister furthermore states that only the casinos which have complied with all the stipulated conditions will be eligible for a new gambling permit. These conditions stipulate amongst others, that a casino business should have the legal form ‘NV’, that the casino should have sufficient funds to guarantee payment of winners and that the casino should possess a local bank guarantee of 500.000 dollars.