OVERVIEW ANTI-MONEY LAUNDERING REGULATIONS IN THE NETHERLANDS ANTILLES
The Netherlands Antilles maintains its reputation of pursuing high standards and integrity
The Netherlands Antilles Government on a continuing basis is striving to introduce legislation and regulatory regimes in order to enhance its ability to attract quality business, and enable the country to maintain its reputation of pursuing high standards and integrity. Up-to-date legislation combating any form of money laundering, for example, has been enacted over the past years. Here follows an overview of important regulations regarding anti-money-laundering in the Netherlands Antilles.
Articles 1 to 4 of the National Ordinance Penalization Money Laundering (‘Landsverordening Strafbaarstelling Witwassen van Geld’) which criminalize money laundering.
The National Ordinance on the identification with Financial services (‘Landsverordening identificatie bij de financiële dienstverlening’) which applies to service providers (natural persons / legal entities), who offer financial services to a client (a natural person or legal entity). Penalization of violation or non-compliance with this Ordinance is described in article 9.
The National Ordinance on the Reporting of Unusual Transactions (‘Landsverordening Melding Ongebruikelijke Transacties’). This Ordinance obligates anybody who offers financial services to report “unusual transactions” to the Financial Intelligence Unit (‘Meldpunt Ongebruikelijke Transacties’). Penalization of violation or non-compliance with this Ordinance is described in article 23 section 1 and 2. Suspected money-laundering transactions are, e.g., transactions where there is cause to presume that they may relate to money laundering or terrorist financing.
Applicable as well are the Provisions and Guidelines on the Detection and Deterrence of Money Laundering and Terrorist Financing for Credit Institutions issued by the Central Bank of the Netherlands Antilles.
Finally, it should be noted that also anti-terrorist financing legislation is in place in The Netherlands Antilles. Banks and others are prohibited to perform any transactions relating to persons or entities, mentioned in as so-called ‘sanction list’.
Karel Frielink
Attorney (lawyer) / Partner
