MONEY TRANSFER REGULATIONS IN THE NETHERLANDS ANTILLES
More strict anti-money laundering regulations to be expected
When you need to send money (from one country to another) you can use a company that offers money transfer services.
In order to set up money transfer companies in the Netherlands Antilles, a license is required. To get such license, one has to comply with many conditions, laid down by the regulator, the Central Bank of the Netherlands Antilles. Same applies, more or less, for Aruba. All money transfer companies should exercise due diligence by ensuring that at least they have in place policies and procedures including a policy statement covering certain aspects relevant to the detection and deterrence of money laundering and terrorist financing. They may only offer their money transfer services to natural persons and have the obligation to identify those (prospective) personal clients / customers before rendering them money transfer services.
Both government and the Central Bank fear that the activities of money transfer companies will attract money-laundering. This is why the government and legislator are currently working on new, more strict legislation concerning money transfer businesses.
Currently, money transfer transactions qualify as ‘financial services’ and are thus subject to the reporting obligation laid down in the Ordinance Reporting of Unusual transactions. Money laundering has already been criminalized years ago.
Karel Frielink
Attorney (Lawyer) / Partner
