Financial Crime World

Aruba Takes Steps to Prevent Money Laundering, Financing of Terrorism and Proliferation

The Financial Action Task Force (FATF) has set out a comprehensive framework to combat money laundering and the financing of terrorism and proliferation. Aruba has adopted this framework as its Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) framework, providing the foundation for the country’s efforts to prevent the misuse of its financial system.

Aruba’s AML/CFT State Ordinance Takes Effect

The State Ordinance on the Prevention and Combating Money Laundering and Terrorist Financing has recently come into effect. This ordinance outlines specific measures that must be taken by designated non-financial service providers, including:

  • Lawyers
  • Civil notaries
  • Tax advisors
  • Accountants
  • Jewelers
  • High value dealers
  • Casinos
  • Investment brokers
  • Factoring and leasing companies

These entities are required to:

  • Register with the Central Bank of Aruba (CBA)
  • Adhere to customer due diligence requirements
  • Report unusual transactions
  • Maintain accurate records
  • Submit to supervision and enforcement

AML/CFT Handbook Provides Guidance

The AML/CFT Handbook for financial and trust services business regulated by the CBA provides a detailed guide on how to comply with the statutory requirements outlined in the State Ordinance. The handbook sets out mandatory directives from the CBA and offers guidance notes to help financial institutions implement effective anti-money laundering and combating financing of terrorism measures.

Aruba’s Commitment to Combating Money Laundering

Aruba is committed to ensuring that its financial system is not used for money laundering, terrorist financing or proliferation. The country’s AML/CFT framework is designed to prevent the misuse of its financial system by requiring designated non-financial service providers and other relevant entities to implement robust anti-money laundering measures.

By adopting this comprehensive framework, Aruba demonstrates its commitment to international standards and best practices in combating money laundering, terrorist financing and proliferation.