ORANJESTAD — The Central Bank of Aruba (CBA) is currently composing a risk-report regarding the drawing up of legislation against laundering and financing of terrorism.
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A plan of approach, based on practices of the World Bank, is also being drafted in order to comply with the 16 main conditions and all 49 issues of the FATF requiring special attention in the shortest possible term.
A few recommendations of the Central Bank regard the implementation of a ban on electronic exchange business on the island and the phased abolition of the Aruban Free Corporations (AVV) as legal form, a complete revision of the industrial legislation and registration of new companies. The control on unusual transactions must be sharpened, and there must be legislation against laundering and financing of terrorism, before the plenary FATF-meeting in Abu Dhabi starts, according to the Central Bank.
Risky
During a recently held special meeting with financial institutes, CBA-director Jane Semeleer had expressed her concerns on the non-compliance of thirteen of the sixteen main conditions of the FATF. This could lead to being included on the blacklist of so-called non-compliant countries of the FATF. Financial transactions with persons and entities from such countries are considered risky in the financial world. "The economical consequences could be far-reaching," Semeleer says during the meeting. "I know that many of you wonder why we score so badly as a country. I don’t like to wag my finger at others unless we could learn from it. What I had to conclude so far is that there is a question of a general lack of awareness, coordination, establishing priorities and responsibility. All of these shortcomings should be dealt with as soon as possible."
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