Financial Institution Security Measures Tightened in Aruba Amidst Global Sanctions Efforts
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Aruban authorities have taken a significant step to strengthen financial security measures by incorporating United Nations sanctions into local legislation. This move aims to combat terrorism and financing, ensuring compliance with sanctions regulations and adhering to global security policies.
New Legislation: The Sanctions State Ordinance 2006
The passage of the Sanctions State Ordinance 2006 has enabled UN sanctions to be incorporated into Aruban law. This allows for stricter controls on transactions involving designated entities, thereby strengthening financial institution security measures.
Key Provisions
- Financial institutions must freeze all funds and assets belonging to individuals and organizations listed by the United Nations regarding Al Qaeda and the Taliban.
- The list includes domestic entities established by Ministerial Decision in November 2013, updated in September 2016.
- Institutions must inform the Reporting Center Unusual Transactions (MOT) and the Central Bank of Aruba (CBA) immediately if they discover that a designated entity is part of their customer base or is involved in any transaction. This includes notifications for each request for service involving a designated entity as the other party.
Tools for Compliance
To aid financial institutions in complying with these new measures, the EU Sanctions Map is available online at www.sanctionsmap.eu. This digital tool provides up-to-date information on current EU sanction directives per country.
Benefits of Strengthened Financial Institution Security Measures
- Effective combat against terrorism and financing
- Maintenance of international relations
- Adherence to global security policies
- Demonstration of commitment to upholding international laws and human rights