Financial Crime World

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FATF Recommendations in Netherlands Antilles: A Comprehensive Review

The Financial Action Task Force (FATF) has issued a series of recommendations to combat money laundering and terrorist financing. The Netherlands Antilles, a constituent country of the Kingdom of the Netherlands, has implemented these recommendations to varying degrees. Here is an overview of the FATF ratings assigned to the Netherlands Antilles for each recommendation.

Benin Follow-Up Report 2023

The Netherlands Antilles has made significant progress in implementing the FATF recommendations. According to the Benin Follow-Up Report 2023, the country has been rated as Largely Compliant (LC) on several key areas, including:

  • Assessing risk and applying a risk-based approach (R.1)
  • National cooperation and coordination (R.2)
  • Targeted financial sanctions related to terrorism and terrorist financing (R.6)

Areas for Improvement

However, there are some areas where the Netherlands Antilles requires improvement. The country has been rated as Partially Compliant (PC) on several recommendations, including:

  • Confiscation and provisional measures (R.4)
  • Terrorist financing offence (R.5)
  • Customer due diligence (R.10)
  • Record keeping (R.11)
  • Financial intelligence units (R.29)

Non-Compliance

Additionally, the Netherlands Antilles has been rated as Non-Compliant (NC) on a few key areas, including:

  • Non-profit organisations (R.8)
  • Higher-risk countries (R.19)
  • Transparency and beneficial ownership of legal persons and arrangements (R.24 and R.25)
  • Regulation and supervision of DNFBPs (R.28)

Conclusion

Overall, the Netherlands Antilles has made significant progress in implementing the FATF recommendations, but there are still areas where improvement is needed. The country will need to continue to work to address these deficiencies in order to maintain its commitment to combating money laundering and terrorist financing.

Note: The ratings assigned by FATF are based on a scale of:

  • C (Compliant)
  • LC (Largely Compliant)
  • PC (Partially Compliant)
  • NC (Non-Compliant)