THE DUTCH SUPERVISION ON TRUST COMPANIES (IV)
Identity of ultimate beneficiary must be known
According to the Order on Sound Operational Management (the Order)(‘Regeling integere bedrijfsvoering Wet toezicht trustkantoren’) pursuant to the ASTO, a trust office shall know the identity of the ultimate beneficial owner (‘UBO’) of an object company and keep the evidence used to determine who qualifies as the ultimate beneficial owner and from which the identity of the ultimate beneficial owner has been established, available (Article 12 (1) of the Order).
The trust office shall keep a client acceptance file for every object company, for every sale of a legal entity, and for each …
Read the rest »
COMPLIANCE IN THE DUTCH CARIBBEAN
Curacao considers how the US deals with compliance
Compliance is essentially about systems and procedures at corporations, banks, funds, trust offices, insurance companies and the like, to ensure that their officers and employees are aware of and take steps to comply with the relevant laws and regulations. It is also referred to as ‘regulatory compliance’. Compliance is nowadays, in the aftermath of, Enron, for example, which collapsed in 2001, of the utmost importance. I will briefly discuss several compliance related issues below, however one should keep in mind that the concept of compliance is extremely broad.
The …
Read the rest »
ARUBA LEGISLATION AGAINST MONEY-LAUNDERING
The government continues to improve the system
Since the Financial Action Task Force (FATF) evaluation in 1995, Aruba has passed new legislation and undertaken a number of other measures aimed at strengthening its anti-money laundering system. In February 1996, the Reporting Ordinance and the Identification Ordinance came into effect. Following the passage of these measures, the government has sought to address concerns relating to the casino and gambling industry, the use of legal entities, the import and export of cash and the Aruba Free Zone. Reports were prepared, which make recommendations for strengthening the anti-money laundering measures in these sectors, …
Read the rest »