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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20
Sep 2013
CATEGORY

Finance

COMMENTS No Comments

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:

  • a director (legal entity or natural person) can only be liable under Section 2:11 of the Dutch Civil Code for the debts of another …
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  • 06
    Sep 2013
    CATEGORY

    Corporate

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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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    15
    Aug 2013
    CATEGORY

    Legal

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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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    01
    Aug 2013
    CATEGORY

    Various

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    ON THE GERMAN – DUTCH CARIBBEAN RELATIONSHIP

    Interesting editorial in The Daily Herald (St. Maarten)

    Economic powerhouse

    “The visit of German ambassador Heinz-Peter Behr last week should serve as an eye-opener on the largely untapped possibilities that European market offers. Up to now much of the attention regarding the “Old Continent” understandably regards the Netherlands and France from which “The Friendly Island” also has direct airlift, but Germany as Europe’s economic powerhouse and surrounding nations hold great tourism potential.

    Curacao managed to attract Air Berlin flights recently and already has noticed a marked increase in the number of visitors from that part of the …
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    14
    Feb 2012
    CATEGORY

    Various

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    PROPOSED REVIEW DUTCH CARIBBEAN LEGISLATION ON DIRECTORS’ LIABILITY IN BANKRUPTCY

    Defects detected in the annual accounts drawn up may be relevant

    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. Among other things, the provisions with regard to Managing Director’s liability have been improved.

    In the event of the bankruptcy of the legal entity each Managing Director is jointly and severally liable to the estate for the deficit being the amount of the debts insofar as they cannot be …
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    24
    Nov 2010
    CATEGORY

    Corporate

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    LIBERALIZATION IN THE DUTCH CARIBBEAN

    Telecom first, airlines to follow suit

    The government of the Netherlands Antilles has been in favor of liberalizing the telecommunication market for may years now. Liberalization of the telecom market means opening it up to domestic and foreign competition, subject to certain regulatory principles.

    Basically, liberalization means competition; competition means price levels determined by the market, not by a monopoly. This will benefit the consumers. In a free market telecom companies will, in principle, also be more innovative, more service-minded, offering a better and wider range of services, including service packages, for example, in an attempt to keep their customers …
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    21
    Mar 2009
    CATEGORY

    Legal

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    DUTCH CARIBBEAN COURT DECISION IN TELECOM CASE

    Scarlet about to enter telecom market in Sint Maarten

    On 18 November 2008, the Administrative Court in Sint Maarten ruled that the Executive Council of Sint Maarten was not authorized to refuse Scarlet a business license for the provision and operation of international telecommunications services in Sint Maarten (click here for the judgment).

    Scarlet, represented by Dr. Douwe Boersema of the law firm Spigthoff in Curaçao, appealed through the courts against the decision of the authorities in Sint Maarten to deny it such a license based on a moratorium on new telecom companies. The moratorium …
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    26
    Nov 2008
    CATEGORY

    Legal

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