Why 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.