Aruban Financial Institutions Must Stay Ahead of UN Sanctions
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Aruba has incorporated United Nations (UN) financial sanctions into its national legislation through the Sanctions State Ordinance 2006. These sanctions aim to combat terrorism and ensure compliance with international laws and human rights.
Compliance Requirements for Supervised Institutions in Aruba
According to the ordinance, supervised institutions in Aruba must:
- Remain up-to-date on the contents of the freezing lists and any changes to them
- Comply with the requirements and prohibitions set forth in the sanctions regulations in a timely and adequate manner
- Report any transactions involving designated entities to the Reporting Center Unusual Transactions (MOT) and the Central Bank of Aruba (CBA)
Current Sanctions Decrees in Effect
There are currently three Sanctions Decrees in effect in Aruba, targeting terrorism financing and the assets of individuals and organizations linked to Al Qaeda and the Taliban. These decrees include:
- Sanction Decree Combat Terrorism and Financing Terrorism: Requires the freezing of all funds and other assets belonging to those listed on the UN’s designated lists
- Sanction Decree Libya 2011: Freezes all funds or assets in Aruba owned by or under the control of individuals and entities mentioned in Annex II of UN Security Council Resolutions 1970 and 1973
- Interim-State Decree on Priority Sanction Regimes: Requires the freezing of all funds and assets belonging to persons and organizations mentioned in its annex
EU Sanctions Map
The EU Sanctions Map is a digital tool that provides real-time information on current EU sanctions directives for each country worldwide. The applicable EU sanction directives in Aruba are those mentioned in the National Sanction State Decrees.
Conclusion
In conclusion, financial institutions in Aruba must remain vigilant and stay up-to-date on changing sanctions regulations to ensure compliance with international laws and prevent terrorist financing.