Financial Crime World

Here’s a formatted version of the text using markdown:

Economic Performance in the Netherlands Antilles

=====================================================

Key Statistics

  • The Netherlands Antilles experienced a prolonged recession in 1997, with real GDP declining by 12% since 1996.
  • Economic contraction led to sharp inflation (5.0% in 2000) and high unemployment (14.1% in 1999).
  • However, the economy showed modest improvement starting in 2001, with estimated growth of ¾ percent over 2001–02.

Rebound from Recession

After a prolonged recession, the Netherlands Antilles began to see signs of economic recovery in 2001. This marked a positive turn for the country’s economy and set the stage for continued growth.

Financial Sector Environment

=============================

Overview

The Netherlands Antilles have a well-developed and well-functioning legal and regulatory framework for financial sector supervision.

Key Players

  • The Central Bank of Aruba (BNA) is responsible for financial sector oversight, combining banking, insurance, pension fund, and mutual fund supervision.
  • The laws and regulations are largely compliant with international standards on banking supervision, insurance supervision, AML/CFT, and investment institution supervision.

Other Key Points

==================

Business Environment

The business environment in the Netherlands Antilles operated under a regime of relatively little disclosure until recent years. However, increased international efforts to combat drug trafficking, money laundering, anti-terrorism, and better quality financial sector supervision have changed this outlook.

Need for Disclosure

  • The authorities and private sectors agree that more disclosure is needed to comply with growing international standards.
  • This shift towards greater transparency will help the Netherlands Antilles maintain its commitment to sound economic practices.

International Assessments

==========================

FSF Classification

The Netherlands Antilles were classified as a jurisdiction “generally perceived as having adequate measures in place” by the Financial Stability Forum (FSF) in 2000.

Other Assessments

  • They have been subject to other assessments of their AML policies and practices and financial sector supervision.
  • These assessments demonstrate the country’s commitment to maintaining high standards in its financial sector environment.