REGULATORY LAWS IN THE BES ISLANDS
There are three regulators
According to the Dutch Central Bank (“DCB”), financial institutions must be sound, reliable and stable to ensure confidence among businesses, consumers and others. DCB states on its website: “In addition to making certain their customers are properly informed about their products and services, these institutions also have a duty of care towards their customers. The financial services industry should also give a high priority to integrity and should never be used for money laundering, terrorist financing, fraud, corruption or other illegal activities. Finally, the market should function properly and there should be adequate market access, with …
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THE ARTICLES OF ASSOCIATION OF A CURAÇAO COMPANY (II)
Articles determine the nature of the company
A company’s articles of association determine the nature of the company (take for example the description of the purpose), regulate the internal competences (e.g. dismissal and appointment), limit the powers (e.g. decisions requiring approval), determine the internal responsibilities (e.g. drawing up the annual report and accounts), regulate the external powers (who represents the company in law), determine the method of decision-making, etc. As indicated above: the articles of association are somewhat comparable with the constitution or the state regulations of a country. The articles of association are therefore essential to the proper functioning …
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ANTI-MONEY LAUNDERING LAWS IN CURACAO
Money laundering is prohibited
Title XXXI of the Penal Code of Curaçao basically prohibits any type of money laundering.
The National Ordinance on the Reporting of Unusual Transactions (NORUT) obliges service providers acting in the course of a business or profession, to report unusual transactions.
The National Ordinance on Identification of clients when Rendering Services (NOIS) requires any service provider who is acting in the course of a profession or business, to establish the identity of a customer before providing any “financial” service.
Generally, these Ordinances apply when services are conducted in or from Curaçao. If a foreign financial institution does …
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IMPACT OF THE LIABILITY TO THE DIRECTOR OF THE DIRECTOR (II)
2nd degree director as director of a foreign corporate director
It appears from the 2011 ruling referred to by the Supreme Court that Section 2:11 of the Dutch Civil Code is applicable to the joint and several liability of a director of a Dutch legal entity being a director of another Dutch legal entity. The Supreme Court confirmed this doctrine again in clear wording in its decision of 21 June 2013.
The conclusion is as follows:
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SERVICE OF PROCESS
A bailiff must be engaged
What is the procedure for the service of foreign proceedings under the procedural laws of Aruba, Bonaire, Curaçao, St. Maarten, St. Eustatius and Saba for a company having its registered address in one of those territories, for instance Curaçao?
Under Curaçao procedural law, the service of proceedings on a Curaçao legal person will be done by means of a bailiff’s notification. This notification shall be served (i) on the person or residence of the president of the management board of the company or (ii) on the business and/or registered address of the company.
Curaçao procedural …
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CURACAOSE JONGEREN NAAR TENNISTOERNOOI IN DOMINICAANSE REPUBLIEK
Internationaal JITIC-kampioenschap
Vandaag zijn 14 jeugdige tennisspelers voor ruim een week naar Santo Domingo vertrokken om mee te doen aan het regionale JITIC-kampioenschap (Junior International Tennis Championships). Het tennistoernooi vindt plaats van 3 tot 9 augustus 2013. Aan dit internationale tennistoernooi nemen verschillende landen in de regio deel. De host van het toernooi is de Dominicaanse tennisbond Federacion Dominicana de Tenis.
De jeugdtennissers hebben een intensief trainingsprogramma gevolgd onder auspiciën van de Tennis Federatie Curaçao. Ze zijn getraind door Roy Bottse, de voorzitter van de TFC, en coach Jason Engelhardt.
De deelnemers van Curaçao:
Jongens tot 14 jaar: Aydan Gomez …
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PROPOSED REVIEW DUTCH CARIBBEAN CROSS BORDER MERGER LEGISLATION
Proposed bill introduces outbound mergers
Earlier in 2010, a draft bill was proposed to amend the Corporate Code (Book 2 Civil Code) of Curacao, St. Maarten, Bonaire, St. Eustatius and Saba (which formerly constituted the Netherlands Antilles). Hopefully, the Bill comes into force in 2011.
The possibility already currently exists that in connection with a merger, a foreign legal entity as the disappearing legal entity merges with a comparable legal form of Book 2 BW on the condition that the law governing that foreign legal entity is not incompatible with the merger and the manner in which it is brought …
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THE DISMANTLING OF THE NETHERLANDS ANTILLES
The Country known as the Netherlands Antilles will disappear as of 10-10-10
The country, the Netherlands Antilles, consists of Bonaire, Curacao, St. Maarten, St. Eustatius and Saba, and forms part of the Kingdom of the Netherlands. On 10 October 2010 the Netherlands Antilles will no longer exist. Two new countries will be born on that date: the country Curacao and the country St. Maarten. Both new countries will be part of the Kingdom of the Netherlands; however, they will each have their own government and legislature. The island of Aruba gained similar autonomy in 1986.
The legislation currently in place …
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CARIBBEAN KIDS NEWS
CKN is seeking financial support
Caribbean Kids News (CKN) is a unique program for Aruba, Bonaire, Curacao, St. Maarten, St. Eustatius and Saba, thus for six very special but quite different islands.
For the first time a news program informs young people between 9 and 14 years and gives them a voice in the Caribbean region. The Caribbean Kids News broadcasts since September 2009 in English and Papiamento (with subtitles in Dutch or English).
The Foundation Youth into Media, a nonprofit organization responsible for the sustainable development of this youth news program, is looking for businesses, organizations and private persons willing …
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CARIBBEAN KIDS NEWS WINS KNN AWARD 2010
Item about fire trucks (click here)
The kids news in the Netherlands Antilles and Aruba has won the ‘KNN Award’ during the annual summit of the eight Kids News Network programmes. The award is a yearly professional prize for the best report of the network (see FreeVoice news item).
Sulin Passial, chief editor of the Caribbean Kids News has proudly received the price in the form of a South African art piece, on behalf of her team (picture …
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NETHERLANDS CARIBBEAN BANKS AND REGULATORY ISSUES
A bank has less freedom than an ordinary legal entity
What would be the requirements, from a regulatory point of view, if a Netherlands Antilles bank wished to sell its entire business or a substantial part thereof? Would it require approval from the Netherlands Antilles Central Bank (de ‘Bank van de Nederlandse Antillen’)?
Generally, if the activity at a bank is characterized as some form of financial reorganization, for example, the prior approval of the Central Bank is required. The bank is also obliged to immediately inform the Central Bank in writing of any resolution for complete or partial liquidation or …
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THE DUTCH CARIBBEAN AND ITS CIVIL LAW SYSTEM
Abstract rules are the starting point
The Netherlands Antilles are an autonomous part of the Kingdom of the Netherlands. The Kingdom of the Netherlands is composed of three parts: the Kingdom in Europe (popularly known as Holland, north of Belgium and west of Germany), the Netherlands Antilles (in the Caribbean Sea, north of Venezuela), and Aruba (also in the Caribbean Sea, north of Venezuela). Within the Kingdom of the Netherlands, the Netherlands Antilles are autonomous except for matters of defense and foreign affairs. Curacao is the largest of five islands that form the Netherlands Antilles. The other islands are Saba, St …
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