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Aruba Leads the Way: Exit from Money Laundering Monitoring

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The Financial Action Task Force (FATF) has acknowledged significant progress made by Aruba in strengthening its anti-money laundering and combating the financing of terrorism (AML/CFT) regime, paving the way for its exit from the monitoring process.

FATF Recognition

Aruba was removed from the regular follow-up process during the recent FATF Plenary meeting in Miami, Florida. This move recognizes the island nation’s efforts to address strategic deficiencies identified in its 2009 mutual evaluation report.

Comprehensive Overhaul

The country has implemented a comprehensive overhaul of its AML/CFT system since 2009, with significant resources allocated by government and financial sector stakeholders.

Follow-Up Report

Aruba’s 8th Follow-Up Report, presented at the February 2014 FATF Plenary, provides a detailed description of the actions taken to address deficiencies in core and key recommendations rated PC or NC in the 2009 mutual evaluation report. The report is available on the FATF website.

FATF Overview

The FATF is an inter-governmental body established in 1989 that develops policies to protect the global financial system against money laundering, terrorist financing, and the financing of weapons of mass destruction proliferation. Its recommendations are recognized as the global AML/CFT standards.

Aruba’s Achievement

Aruba’s exit from the follow-up process is a testament to its commitment to implementing effective measures to prevent money laundering and combat terrorism financing. The country’s progress has been closely monitored by the CFATF International Cooperation Review Group (CFATF ICRG), which has acknowledged Aruba’s significant strides in improving its AML/CFT regime.

Conclusion

With this achievement, Aruba is now well-positioned to move forward with confidence, leading the way towards a stronger and more resilient financial system. The country’s success serves as an inspiration for other nations seeking to strengthen their own AML/CFT frameworks.