by n.osorio@profoundprojects.comWhy the CFATF AML Review is a defining moment for Curaçao
As June 2024 approaches, Curaçao finds itself at a defining moment in its financial history as
the Caribbean Financial Action Task Force (CFATF) prepares to conduct an Anti-Money
Laundering (AML) Review of our financial services industry, marking 6 years since the last
review in 2016.
This critical assessment holds immense significance, as it evaluates our adherence to global
AML and Counter Financing of Terrorism (CFT) standards. determines our compliance with
global AML and combating the financing of terrorism (CFT) standards. The outcome will directly
impact our international reputation, economic growth, and the growth of our financial services
sector, including our correspondent banking relationships that rely on our trustworthy standing.
While considerable strides have been made in strengthening our financial regulations, like
customer due diligence and countering terrorist financing, our work is far from done.
Safeguard our financial future
Now is the time to act! As members of Curaçao’s International Financial Services Association
(CIFA) and key stakeholders, we must:
● Recognize and promote the critical importance of a robust AML/CFT framework within
our financial sector.
● Uphold our responsibility to maintain compliance with global standards
● Foster a culture of collaboration and information sharing among all stakeholders.
● Advocate and collaborate with relevant stakeholders and sustain a supportive regulatory
environment.
What if we do not act
Non-Compliance is NOT an option! The implications of failing the CFATF AML review are dire:
● Financial Strangulation: Limited access to global financial markets, hindering
international transactions and raising financial service costs.
● Reputational damage: Impacting Curaçao’s standing as a secure and compliant
jurisdiction, impacting tourism and other vital industries.
● Economic Setback: Reduced foreign investment and hampered economic growth,
jeopardizing job opportunities and living standards.
● Community Suffers: Every citizen in Curaçao will feel the impact of non-compliance,
including more red tape when opening a bank account as a consequence.
What can you do
Get informed on regulations and developments, get involved with training and expertise and get
in control of internal AML/CFT policies and procedures. Embrace your role in preserving our
financial integrity and securing our economic future.
Count on our support!
Contact CIFA via info@cifa-curacao.com if you need support or if you need support or have
questions or concerns on what your institution can do.
by n.osorio@profoundprojects.comCuraçao introduces efficient online regulatory approval process for Fundstargeting professional investors
Centrale Bank van Curaçao en Sint Maarten (CBCS) has officially introduced the electronic
application form for a fund license exemption request, aimed at investment institutions
targeting professional parties. The form significantly accelerates the fund license exemption
application process for investment institutions and guides them through relevant
documentation and information mandatory for exemption, as required by the National
Ordinance on the Supervision of Investment Institutions and Administrators (NOSIIA).
The CBCS, the regulating entity for investment institutions in Curaçao, has introduced the
electronic Application Form for Exemption Request for investment institutions offering
investments to professional parties along with an amended policy, highlighting the changes
relevant to the investment institutions concerned.
Eugene Rhuggenaath, Lead contributor in the fund committee of the Curaçao International
Financial Services Association (CIFA) and the Curaçao International Financial Center (the
representative bodies of the Curaçao Financial Sector) said:
“The Curaçao financial sector is very pleased with the introduction of this electronic portal by the CBCS, as it signifies a significant milestone in enhancing the appeal and safety of Curaçao’s financial sector for businesses and investments. Straightforward as it may seem – the portal was subject to careful assessment and thorough legal consultation, as part of our overall strategic efforts to internationally promote and position Curaçao as both an appealing and safe jurisdiction for business and investment. We are proud of the portal’s implementation and are looking forward to the positive effects it will bring forth – especially the quality increase of service and process to investment institutions that have chosen Curaçao as a registered location of business.”
Further information about the introduction process of the portal, the application guidelines,
and about other important developments up ahead for fund services in Curaçao will be
announced shortly.
PleaseStayTuned
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