Aruba Tightens Grip on Financial Crime with Robust Regulatory Framework

Aruba has taken a significant step towards combating money laundering, terrorist financing, and proliferation by implementing a comprehensive Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) framework. This framework is based on the 40 Recommendations published by the Financial Action Task Force (FATF), ensuring that Aruba meets international standards in combating financial crime.

State Ordinance on Prevention and Combating Money Laundering and Terrorist Financing

At the heart of the AML/CFT framework is the State Ordinance on Prevention and Combating Money Laundering and Terrorist Financing. This ordinance sets out specific provisions for:

Customer due diligence
Reporting of unusual transactions
Record keeping
Supervision
Enforcement

Designated Non-Financial Service Providers

The following designated non-financial service providers are required to comply with the ordinance’s requirements:

Lawyers
Civil notaries
Tax advisors
Accountants
Jewelers
High-value dealers
Casinos

Registration and Supervision

To ensure effective supervision and enforcement, these service providers must register with the Central Bank of Aruba (CBA).

AML/CFT Handbook

The CBA has issued the AML/CFT Handbook, which provides detailed guidance on:

Statutory requirements set out in the State Ordinance
Regulatory requirements
Ways of complying with the same

This handbook serves as a valuable resource for financial institutions and trust services businesses regulated by the CBA, providing clarity on their obligations under the AML/CFT framework.

Conclusion

With this robust regulatory framework in place, Aruba is well-equipped to prevent and detect money laundering and terrorist financing, ultimately protecting its financial system and reputation.