Aruba Makes Progress in Anti-Money Laundering and Countering the Financing of Terrorism, Exits Regulatory Watchlist
Aruba has made significant progress in improving its anti-money laundering (AML) and countering the financing of terrorism (CFT) regime, leading to its removal from the Caribbean Financial Action Task Force’s (CFATF) third round follow-up process. Additionally, Aruba is one of the first group of countries to exit the Financial Action Task Force’s (FATF) regular follow-up process.
CFATF Recognition
The CFATF recognized Aruba’s progress during its recent plenary session in Miami, acknowledging the country’s establishment of a legal and regulatory framework to address strategic deficiencies identified in its joint CFATF and FATF mutual evaluation report. As a result, Aruba is no longer subject to CFATF monitoring.
Overhaul of AML/CFT System
Aruba has undergone a complete overhaul of its AML/CFT system since 2009, when it was placed on the FATF’s enhanced follow-up process due to low levels of compliance with the organization’s recommendations. Since then, significant resources have been allocated by the government and financial sector to strengthen the AML/CFT framework.
Key Milestones
- Establishment of a legal and regulatory framework to address strategic deficiencies
- Allocation of significant resources by the government and financial sector to strengthen the AML/CFT framework
- Exit from the CFATF’s third round follow-up process
- Exit from the FATF’s regular follow-up process
FATF Recognition
The FATF’s recent plenary session also acknowledged Aruba’s progress, concluding that the country is now largely compliant with the FATF’s Core and Key Recommendations. As a result, Aruba has exited the regular follow-up process.
8th Follow-Up Report
Aruba’s 8th Follow-Up Report, presented at the FATF’s February 2014 plenary, provides a detailed description and analysis of the actions taken by the country to rectify deficiencies identified in its 2009 mutual evaluation report.
Commitment to Combating Financial Crimes
Aruba’s exit from the CFATF’s third round follow-up process is a testament to its commitment to combating financial crimes. The country has demonstrated its willingness to implement effective AML/CFT regimes, ensuring that its financial system remains transparent and secure.
About the FATF
The Financial Action Task Force (FATF) is an independent inter-governmental body established in 1989. Its mission is to develop and promote policies to protect the global financial system against money laundering, terrorist financing, and the financing of proliferation of weapons of mass destruction. The FATF conducts mutual evaluations to assess its member countries’ levels of implementation of its recommendations.
Source: Central Bank of Aruba.