Aruba Leads the Way in AML/CFT Regulations, Exits CFATF Follow-Up Process

Aruba has made significant progress in improving its Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regime, thereby exiting the third round follow-up process of the Caribbean Financial Action Task Force (CFATF). This achievement marks a major milestone for Aruba, which has undergone a complete overhaul of its AML/CFT system since 2009.

Recognition by CFATF and FATF

Aruba’s efforts have been recognized by both the CFATF and the Financial Action Task Force (FATF), with the FATF acknowledging that the island nation has established 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 International Cooperation Review Group (ICRG) monitoring.

Progress Made

The significant progress made by Aruba was evident during the CFATF’s XXXIX Plenary held in Miami, Florida earlier this year. The plenary session saw several member countries removed from the third round follow-up process and enter biennial updating, while others exited the ICRG monitoring process.

Aruba’s success is a testament to its commitment to improving its AML/CFT regime. Since 2009, the island nation has allocated significant resources to strengthen its framework, working closely with stakeholders in the financial sector and government. The FATF has acknowledged Aruba’s progress, concluding that it is now largely compliant with the FATF Core and Key Recommendations.

Removal from Follow-Up Process

The CFATF has removed Aruba from its follow-up process, effective immediately. The island nation’s 8th Follow-Up Report, presented at the FATF February 2014 Plenary, provides a detailed description of the actions taken by Aruba to rectify deficiencies identified in respect of Core and Key Recommendations rated PC or NC in the 2009 mutual evaluation report.

Looking Ahead

This achievement marks a significant milestone for Aruba as it prepares for the fourth round of AML/CFT evaluations. As Aruba continues to lead the way in AML/CFT regulations, it serves as an example for other countries to follow in implementing effective anti-money laundering and combating the financing of terrorism measures.

Key Points

• Aruba has exited the third round follow-up process of the CFATF.
• The island nation has made significant progress in improving its AML/CFT regime since 2009.
• Aruba is now largely compliant with the FATF Core and Key Recommendations.
• The CFATF has removed Aruba from its follow-up process, effective immediately.