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Imports Decline by 12% in Netherlands Antilles

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AMSTERDAM - The Netherlands Antilles has seen a significant decline in imports over the past two years, with a 12% drop recorded between 2001 and 2003. According to financial experts, this decline is attributed to a decrease in foreign exchange inflows.

Economic Indicators

  • Growth rate of money in circulation: strong at 11¾ percent
  • Attractive government securities yields compared to foreign alternatives
  • Bank credit to the government has increased significantly since the ceiling on this type of credit was lifted

Banking System

  • Signs of improvement, despite deterioration in loan portfolio quality due to falling real estate values
  • Non-performing loans have decreased slightly, and provisions against these loans have increased
  • A more flexible inspection schedule has been introduced, while special administration has been imposed on one undercapitalized bank

Financial Sector Environment

The Netherlands Antilles boasts a well-developed and well-functioning legal and regulatory framework for financial sector supervision. The BNA is responsible for banking, insurance, pension fund, and mutual fund supervision, with a strict licensing policy in place.

  • Laws and regulations are largely compliant with international standards on:
    • Banking supervision
    • Insurance supervision
    • Anti-money laundering/counter-terrorism financing (AML/CFT)
    • Investment institution supervision
  • Authorities are proactive in developing new techniques and policies to keep pace with international developments

Business Environment

Historically, the business environment has operated under a regime of limited disclosure. However, recent events have led to increased pressure for greater transparency. The authorities and private sector agree that more disclosure is needed to comply with growing international standards.

  • Company service providers are now supervised by the Supervisory Board for Fiduciary Business
  • Obliged to apply Know Your Customer (KYC) rules and report unusual transactions to the authorities

International Assessments

The Netherlands Antilles has undergone various international assessments of its anti-money laundering policies and financial sector supervision. The Financial Stability Forum classified the country as a jurisdiction “generally perceived as cooperative” in its April 2000 survey.

  • These developments underscore the importance of transparency and cooperation in the fight against money laundering, terrorism financing, and other financial crimes
  • As the global economy continues to evolve, it is essential that countries like the Netherlands Antilles remain committed to these efforts.